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Crude Closes Below Trendline off of 2012 Lows

Crude Closes Below Trendline off of 2012 Lows

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_oil_body_Picture_2.png, Crude Closes Below Trendline off of 2012 Lows

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-The rally in Crude from the Nov low is corrective (3 waves), further bolstering the longer term bearish argument. The impulsive decline from the 12/27 high is also suggestive of bearish conditions.

-The market closed below long term channel support. Price is at possible support from the 11/27 close (92.38). Any recovery will be examined for short opportunities. Keep 95.60-96.20 in mind as resistance.

Trading Bias: Flat

LEVELS: 89.33 90.09 91.23 | 93.84 95.31 96.19

--- 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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