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Crude Still Eyes 75 Before a Bigger Bounce

Crude Still Eyes 75 Before a Bigger Bounce

2014-11-06 18:28:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Crude Still Eyes 75 Before a Bigger Bounce

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.”

-The next major support is the 2011 low / 50% retracement of the advance from the 2008 low at 74.94-75.49.

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

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