Crude Drops for 4th Consecutive Day; Under 102.66 Would Make Lower Low

DailyFX

Daily

View photo

.
eliottWaves_oil_body_crude.png, Crude Drops for 4th Consecutive Day; Under 102.66 Would Make Lower Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

Commodity Analysis: “Given extremes in Crude COT and the fact that the recent rally failed near the 2012 high, I’m finding it difficult to treat the decline from the recent high as a 4th wave. The decline appears to be unfolding in an impulsive manner as well. Estimated resistance is 105.44.” Friday’s run at the highs failed. We’re at huge resistance so a bearish bias is warranted but a clean short term bearish pattern has yet to form.

Commodity Trading Strategy: Flat

LEVELS: 102.11 102.66 104.11 104.84 106.81 108.89

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.

Rates

View Comments (0)