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Crude Faces Trendline; Break Would Signal Larger Recovery

Crude Faces Trendline; Break Would Signal Larger Recovery

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_oil_body_Picture_2.png, Crude Faces Trendline; Break Would Signal Larger Recovery

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-Crude found support from the line that extends off of the 2012 and 2013 lows.

-Wrote last week that “given the extended nature of the decline and proximity of mentioned levels, a tradeable low may form in early December.” Price is facing a multi-month trendline as resistance now. A push above that line would suggest something in store for bulls.

Trading Strategy: Flat

LEVELS: 90.09 91.23 92.38 | 94.66 95.59 96.99

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for

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