News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Crude Plunges into Channel Support

Crude Plunges into Channel Support

Jamie Saettele, CMT, Sr. Technical Strategist


Crude Plunges into Channel Support

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 downside objective is 86.64 (2 equal legs from the 2013 high and channel support).”

-Crude is piercing the mentioned channel. 84.75 and 82.84 are levels that could produce a bounce but there is nothing below there until the 2011 low at 75. A break of 75 would break 4 years of consolidation put crude in crash territory.

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.