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Crude May be Basing for a Move Higher

Crude May be Basing for a Move Higher

2013-12-16 20:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily

eliottWaves_oil_body_Picture_2.png, Crude May be Basing for a Move Higher

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 recently that “given the extended nature of the decline and proximity of mentioned levels, a tradeable low may form in early December.” The recent advance suggests that a larger retracement of the decline from the Aug high.

Trading Strategy: Market is stabilizing before 95.59 support. As such, amend strategy to buy order at 96.70, with a 96.15 stop. Target area is still 102-104. If stopped out, then employ original strategy of buying 95.60 with a 93.60 stop.

LEVELS: 94.66 95.59 96.65 | 98.15 98.74 100.01

--- 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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