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Crude Key Reversal; Look for Dip Below 99

Crude Key Reversal; Look for Dip Below 99

2014-02-12 22:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_oil_body_Picture_2.png, Crude Key Reversal; Look for Dip Below 99

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-The reversal from above the December high is suggestive of a near term top. Former highs in the mid-98.00s intersect trendline support over the next few days.

-Long term, the failed break of long term trendline supports may very well propel the market higher in the coming months.

LEVELS: 97.81 98.79 99.56 | 101.01 102.21 103.49

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

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