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Crude Looking More Bearish Each Day; Failing at 20 Day Average

Crude Looking More Bearish Each Day; Failing at 20 Day Average

2014-03-25 23:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_oil_body_Picture_2.png, Crude Looking More Bearish Each Day; Failing at 20 Day Average

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) but the market sold off quickly after testing Friday’s high on Monday. I’m looking lower.

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.

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