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Crude Back for More at Fibonacci Resistance

Crude Back for More at Fibonacci Resistance

Jamie Saettele, CMT, Sr. Technical Strategist


Crude Back for More at Fibonacci Resistance

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 traded back to the 61.8% of the decline from the April high. If crude is headed lower in the coming weeks, then this level needs to hold.

LEVELS: 100.39 101.14 101.51 | 102.65 103.78 104.53

--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.