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Crude Churning Below Long Term Trendline

Crude Churning Below Long Term Trendline

2014-01-14 21:23:00
Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_oil_body_Picture_2.png, Crude Churning Below Long Term Trendline

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 last week. Recent consolidation is still possible resistance from 93.19 to 94.56.

Trading Bias: Flat

LEVELS: 89.33 90.09 91.23 | 92.73 93.33 94.56

--- 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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