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Crude December High Could Provide Support; Major Support Near 95

Crude December High Could Provide Support; Major Support Near 95

2014-03-05 22:18:00
Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_oil_body_Picture_2.png, Crude December High Could Provide Support; Major Support Near 95

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-I wrote on Monday that “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.” Crude’s 2 day decline is the largest since 1/2-1/3.

-The market has reached a level that could produce a bounce (December high). Important resistance rests at 103.41 now. Major support is estimated from 95.19 to 97.09.

LEVELS: 98.56 99.38 100.73 | 101.73 102.84 103.41

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

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