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Crude Former High Acting as Support at 105.19

Crude Former High Acting as Support at 105.19

2014-06-24 19:00:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Crude Former High Acting as Support at 105.19

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. This dip may be the final leg of the triangle although I was looking for support closer to 101.25. That could still be reached but today’s reversal at the top side of former trendline resistance (which has seen 2 false breaks) is constructive.” The market never traded lower and crude has now broken out. Look towards 109.53 (market could reverse up there) as long as price is above 104.34.

LEVELS: 103.65 104.49 105.19 | 106.78 108.46 109.53

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

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