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Crude 98.56-99.38 is a Possible Reaction Zone

Crude 98.56-99.38 is a Possible Reaction Zone

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_oil_body_Picture_2.png, Crude 98.56-99.38 is a Possible Reaction Zone

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-I wrote last week 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.” The market has pulled back sharply.

-95.19-97.09 is possible support. A low could form near one of these levels before a run at 105+.

LEVELS: 97.09 98.56 99.38 | 101.01 101.74 102.56

--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.