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Crude Testing Channel; 2 Equal Legs is at 95.26

Crude Testing Channel; 2 Equal Legs is at 95.26

2014-08-05 20:55:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Crude Testing Channel; 2 Equal Legs is at 95.26

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-Crude’s sharp decline is contained within a channel but would consist of 2 equal legs from the high at 95.26. In other words, the current level to 95.26 is a support zone. I’m more inclined to treat 95.26 as the level to look for a rebound given the presence of trendline support (off of the July 2012 and January 2014 lows).

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

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