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Crude Breakdown Nears YTD Low

Crude Breakdown Nears YTD Low

2014-08-19 17:21:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Crude Breakdown Nears YTD Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“Above 98.64 would suggest that a near term low is in at this confluence. Until then, respect downside potential.” Crude has fallen apart. Remember, COT has indicated an extremely crowded trade forever. That trade is finally getting washed out. A break of the January low exposes the downward sloping channel.

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

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