Crude Responds to 8 Month Trendline Resistance

DailyFX

Weekly Candles

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eliottWaves_oil_body_crude.png, Crude Responds to 8 Month Trendline Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: Just 3 weeks after spiking below the trendline that extends off of the 2008 and 2012 lows, crude has rallied into the trendline that extends off of the highs since September 2012. What happens this week will probably have a lot to say regarding the next move. Wait and see for now.

Commodity Trading Strategy: Flat

LEVELS: 91.63 93.55 94.22 96.22 97.10 97.65

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