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Crude Nears Levels That Could Lead to a Low

Crude Nears Levels That Could Lead to a Low

2014-03-17 20:53:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_oil_body_Picture_2.png, Crude Nears Levels That Could Lead to a Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-The news top led to a sharp decline but crude is nearing levels that likely inspire a rally attempt. 95.59-97.09 is a support zone. The decline is impulsive, which raises the possibility of a larger decline following a corrective rally.

-Estimated resistance is now 101.01 (2/25 low).

LEVELS: 95.19 96.24 97.09 | 98.54 99.30 100.11

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

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