Crude Above 95.60 Would Trigger Near Term Reversal
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“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.”
-An inverse head and shoulders (since 11/5) would be confirmed above 95.60. The objective would be 98.69, which is in line with the 10/28 high at 98.74.
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.