Crude Trade Setup on a Dip
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-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, revise strategy to buy 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.