Crude 7 Month Trendline Important to Next Move

DailyFX

Weekly Bars

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eliottWaves_oil_body_crude.png, Crude 7 Month Trendline Important to Next Move

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: Crude’s range last week was the largest in at least 26 weeks. Price is slightly above the 13 week and 52 week midpoints which differ by only .10. The proximity of these midpoints indicates crude’s lack of direction over the last year. Since slipping just below the line that extends off of the 2008 and 2012 lows, crude has rallied over $9. If the rally doesn’t stop here then the line that connects the highs since September 2012 is in play. That line is near 96.70 this week.

Commodity Trading Strategy: Was triggered order at 91.60, stop is 95.00

LEVELS: 88.23 89.45 92.05 94.79 95.89 96.89

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