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Crude Turns Up Sharply; Fibonacci Resistance at 104.33

Crude Turns Up Sharply; Fibonacci Resistance at 104.33

2014-07-17 19:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Crude Turns Up Sharply; Fibonacci Resistance at 104.33

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“Crude has retraced all of June and is nearing the May low (98.73) and 200 DMA. Expect a rally attempt from nearby levels.” Crude has turned sharply higher and is nearing its Fibonacci resistance zone of 103.32-104.33. The underside of former trendline resistance and the 20 DMA is nearby too. Expect resistance.

LEVELS: 98.73 100.13 101.86 | 103.32 104.33 105.19

--Tradingideas are availabletoJ.S. Trade Desk members.

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