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Crude Fibonacci Resistance in Play

Crude Fibonacci Resistance in Play

2014-05-20 19:50:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Crude Fibonacci Resistance in Play

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.

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