Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-A triangle formed in Crude from 7/19 to 8/21. Triangles are typically resolved in the direction of the larger trend but breakouts from triangles are usually the final leg of a larger move.
-On 8/28, price took out the 2012 high before closing nearly $3 off of the high (exhaustion?)
-Price has broken below the trendline that extends off of the 6/25 and 8/22 lows.
Trading Strategy: Short side favored below 108.50. Target 100.50. 100.36 is the measured move from the 105.51-110.66 range.
LEVELS: 102.21 103.49 104.29 | 106.40 107.40 108.50