Crude Fails to Extend Through Range Highs; Look Lower?
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“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) but the market sold off quickly after testing Friday’s high on Monday.
LEVELS: 96.24 97.09 97.99 | 100.11 101.01 102.19
--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.