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Crude Pulls Back but Finds Trendline Support

Crude Pulls Back but Finds Trendline Support

2014-02-25 21:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_oil_body_Picture_2.png, Crude Pulls Back but Finds Trendline Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-Crude is nearing a possible reaction zone defined by lows from September and the October high from 103.49 to 104.35 (pullback from there?).

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

LEVELS: 99.38 100.15 101.10 | 102.81 103.49 104.35

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

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