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Crude Has Retraced Entire April Advance; Breaks Support

Crude Has Retraced Entire April Advance; Breaks Support

2014-04-28 17:03:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Crude Has Retraced Entire April Advance; Breaks Support

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 “the next few days are critical to the next big move in crude. The market has broken the line that extends off of the August and March highs but remains below the March high (105.19). The current level is also marked by the 61.8% retracement from the 2013 high-at 104.19.” The market has voted in favor of weakness…look lower although the current level (month open) could provide support.

LEVELS: 97.93 98.99 99.86 | 101.52 102.35 102.83

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

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