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Crude Overlaps with Former High; Trendline Near 103

Crude Overlaps with Former High; Trendline Near 103

2014-07-03 18:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Crude Overlaps with Former High; Trendline Near 103

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“Crude is failing to hold breakout gains. The high of the move so far is the day after the breakout and the market has been probing channel support all week. Futures made an outside week reversal last week as well. Still, weakness isn’t impulsive which leaves room for another leg up.” Weakness has accelerated and overlap with the May high suggests that a top is in place.

LEVELS: 101.56 102.64 103.65 | 105.19 106.17 107.50

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

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