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Crude Reacts off of Line from 1998 and 2001 Lows

Crude Reacts off of Line from 1998 and 2001 Lows

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

Crude Reacts off of Line from 1998 and 2001 Lows

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“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 has been reached. A weekly close above the line would be a positive.

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

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