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Crude at Support from Channel Confluence

Crude at Support from Channel Confluence

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Crude at Support from Channel Confluence

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).” Above 98.64 would suggest that a near term low is in at this confluence.

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

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