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Crude Consolidation Break Targets Either 98.70 or 89.40

Crude Consolidation Break Targets Either 98.70 or 89.40

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_oil_body_Picture_2.png, Crude Consolidation Break Targets Either 98.70 or 89.40

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 market has consolidated between 95.59 and 92.49. A move above 95.59 targets 98.74. A move below 92.49 targets 89.50-90.50 in what could prove a terminal thrust that leads to a tradeable low.

Trading Strategy: Flat

LEVELS: 91.23 92.49 93.10 | 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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