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Crude Breaks Lower; Measured Move Targets 89.40

Crude Breaks Lower; Measured Move Targets 89.40

2013-11-27 19:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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4Hour

eliottWaves_oil_body_Picture_2.png, Crude Breaks Lower; Measured Move Targets 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 has finally cracked the line that extends off of the 2008 and 2012 lows (and through the weeks of the 2009 and 2013 lows). Price is now trading at the line that extends off of the 2012 and 2013 lows.

-Consolidation has led to a move lower. A measured move targets 89.40. Be aware of previous lows at 91.23 and 90.09. Given the extended nature of the decline and proximity of mentioned levels, a tradeable low may form in early December.

Trading Strategy: Flat

LEVELS: 89.39 90.09 91.23 | 93.09 94.66 95.59

--- 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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