Crude Closes at Highs; Follows Through on Breakout

DailyFX

Weekly

View photo

.
eliottWaves_oil_body_crude.png, Crude Closes at Highs; Follows Through on Breakout

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

Commodity Analysis: No change – “Bigger picture, the range has been tightening for years (triangles within triangles?) and the latest triangle may be between 84.04 and 100.40. Crude traded to a new high for the year today before backing off to end the day. A bullish breakout is valid above 94. Exceeding 100.45 would open up a move into trendline resistance just above 103.”

Commodity Trading Strategy: Long while above 94. Stop will be trailed (breakout)

LEVELS: 94.04 96.40 98.21 98.75 100.45 103.83

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

View Comments (0)