Crude Long Term Trendline Near 45 This Week
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“With crude in freefall, it’s a good time to step back and look at where massive support could reside. Well, the line that extends off of the 2001 and 2008 lows intersects a lower parallel this month and the next at the 78.6% retracement of the advance from 2008 at 53. While the market is clearly extreme and therefore prone to a reversal now, 53 looks great for a significant low.”
-Crude was able to find minor support near 53 but the market now trades with a 4 handle. The line that extends off of the 1998 and 2001 lows is at about 45.40 this week and could provide support.
--Tradingideas are availabletoJ.S. Trade Desk members.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.