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Crude Thrust May Prove Short Lived

Crude Thrust May Prove Short Lived

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_oil_body_Picture_2.png, Crude Thrust May Prove Short Lived

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-After 8 days of consolidation, Crude begins March on a tear. The action is consistent with a terminal thrust from a triangle. In other words, look for a top and reversal. There are similarities between today and 8/28 (Syria then…Ukraine now). News events of this ilk often occur near tops.

-105.51 (9/2 low) is resistance.

LEVELS: 100.15 101 103.41 | 105.51 106.38 108.46

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.