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Crude Digests Big Rally; 96.19 Remains Estimated Resistance

Crude Digests Big Rally; 96.19 Remains Estimated Resistance

2014-01-16 21:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_oil_body_Picture_2.png, Crude Digests Big Rally; 96.19 Remains Estimated Resistance

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.

-Price rebounded from the June 2013 low last week and already reached the top of recent consolidation (last week’s high). Shorts at bad prices following the false break of the trendline off of the 2012 and 2 lows could result in a run at 96.19.

LEVELS: 91.23 92.29 93.33 | 94.56 96.19 94.56

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

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