Crude Responds to 8 Month Trendline Resistance

Jamie Saettele, CMT

Mon, May 6, 2013, 7:18 PM

Weekly Candles

eliottWaves_oil_body_crude.png, Crude Responds to 8 Month Trendline Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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Crude Responds to 8 Month Trendline Resistance

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