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Crude Rebounds after Test of June 2013 Low

Crude Rebounds after Test of June 2013 Low

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_oil_body_Picture_2.png, Crude Rebounds after Test of June 2013 Low

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 has broken long term channel support. Price rebounded from the June 2013 low today. Recent consolidation is now possible resistance from 93.19 to 94.56.

Trading Bias: Flat

LEVELS: 89.33 90.09 91.23 | 93.19 94.56 95.31

--- 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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