DailyFX.com -

Daily

Crude 109.53 in Sight as Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“Since February, crude has been trading in what appears to be a triangle pattern. This dip may be the final leg of the triangle although I was looking for support closer to 101.25. That could still be reached but today’s reversal at the top side of former trendline resistance (which has seen 2 false breaks) is constructive.” The market never traded lower and crude has now broken out. Look towards 109.53 as long as price is above 104.34.

LEVELS: 103.65 104.49 105.19 | 107.72 108.46 109.53

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Crude Oil Under Pressure Anew, SPX 500 Aims to Extend Recovery

  2. Forex News

    Commodities Reverses Gains as Dollar Firms after Fed and GDP Data

  3. Forex News

    Crude Pops after Outside Day Reversal; Hits Median Line

  4. Forex News

    Gold and Crude Oil Still Range-Bound as SPX 500 Recovers

  5. Forex News

    Oil Climbs on Surprise Drop in U.S. Inventories

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!