Crude Early September High is Important to Near Term Trend
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“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 86.64 but the market has rebounded after taking out the early year low. This ‘squeeze’ of a rebound could reach 98.73-100.73 but the market is vulnerable as long as below 95.96.
--Tradingideas are availabletoJ.S. Trade Desk members.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.