Crude 109.53 in Sight as Resistance

By DailyFx | Updated July 30, 2014 AAA

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

Related Forex Analysis
  1. Forex News

    Crude Oil Gains Most in 2 Months, SPX 500 May Be Forming Top

  2. Forex News

    Gold Reversal Stalls, SPX 500 Vulnerable to Renewed Selling Pressure

  3. Forex News

    USD/CHF Cup and Handle, EUR/GBP Triangle Wait on Catalysts

  4. Forex News

    Dollar Rally Post-FOMC Bolstered by Surprise SNB Action

  5. Forex News

    Crude Recovery May Be Limited, Natural Gas Braces For Storage Data

Trading Center