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Crude Follows Through on Reversal From Fibonacci Level

Crude Follows Through on Reversal From Fibonacci Level

2014-05-15 17:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Crude Follows Through on Reversal From Fibonacci Level

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-Crude is coming off of a top that is accompanied by a sentiment extreme. In fact, COT remains pinned near record levels. The current juncture is even more important in light of the proximity of the 200 day average.

-Crude has reacted to the 61.8% of the decline from the April high. Look lower.

LEVELS: 99.26 100.39 101.14 | 102.07 102.65 103.78

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

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