Crude 98.64 is the Near Term Pivot

By DailyFx | Updated August 12, 2014 AAA

DailyFX.com -

Daily

Crude 98.64 is the Near Term Pivot

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“Crude’s sharp decline is contained within a channel but would consist of 2 equal legs from the high at 95.26. In other words, the current level to 95.26 is a support zone. I’m more inclined to treat 95.26 as the level to look for a rebound given the presence of trendline support (off of the July 2012 and January 2014 lows).” Above 98.64 would suggest that a near term low is in at this confluence.

--Tradingideas are availabletoJ.S. Trade Desk members.

Related Forex Analysis
  1. Forex News

    Dollar Ready to Take Advantage of Market Unease But Rates at Risk

  2. Forex News

    Beware Risk Trends as Traders Question Oil Market’s Implications

  3. Investing

    Oil Prices Drop on OPEC’s Restraint

  4. Forex News

    Video: Euro Faces Another Round of Data, Oil Collapses

  5. Forex News

    Crude Oil Declines after OPEC Meeting

Trading Center