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Crude Trying to Rally after 6 Down Weeks; Watch 95.93

Crude Trying to Rally after 6 Down Weeks; Watch 95.93

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_oil_body_Picture_2.png, Crude Trying to Rally after 6 Down Weeks; Watch 95.93

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“Crude keeps holding the line that extends off of the 2008 and 2012 lows (and through the weeks of the 2009 and 2013 lows). The decline is extended to the downside and may be trying to form a near term low. The 11/14 key reversal after a tag of a June low at 92.68 is a good start.” Crude popped today.

-Price is already into a resistance area from the former low at 95.93 and trendline resistance.

Trading Strategy: Flat

LEVELS: 91.23 92.49 93.99 | 95.93 96.99 98.74

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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