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Crude Rebounds from Top of Support Zone

Crude Rebounds from Top of Support Zone

2014-05-29 20:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Crude Rebounds from Top of Support Zone

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-Since February, crude has been trading in what appears to be a triangle pattern. Several more legs within the triangle are possible so be aware of weakness from near range highs. 102.20/65 is viewed as support. The top of this zone has held.

LEVELS: 101.68 102.21 102.64 | 104.53 105.19 106.38

--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.

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