Crude Eye is on Channel Support Near 103

DailyFX

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eliottWaves_oil_body_crude.png, Crude Eye is on Channel Support Near 103

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: Wrote yesterday that “price is testing long term resistance and daily RSI has stayed above 70 for everyday but 1 since 7/5. Typically, extended durations of RSI > 70 are good markets to buy pullbacks. Watch for support between RSI 50 and 60 (daily).” RSI has reached 60. Parallel channel support is at about 103 on Thursday. The 7/3 high and 7/8 low is at 102.11 and is also estimated support.

Commodity Trading Strategy: May very well get a drop into 102-103 before new highs (4th and 5th waves) but it’s not for me.

LEVELS: 102.11 103.00 104.15 106.10 108.20 110.53

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