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Crude Plunges into Channel Support

Crude Plunges into Channel Support

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

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.

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