Crude Snaps Back after Intraday Drop

DailyFX

Daily

View photo

.
eliottWaves_oil_body_crude.png, Crude Snaps Back after Intraday Drop

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

Commodity Analysis: Crude is little changed on the day but did drop as low as 105.44 intraday. 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).

Commodity Trading Strategy: Flat

LEVELS: 104.15 105.10 106.10 108.20 109.37 110.53

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)