Crude at Support from Channel Confluence

By DailyFx | Updated August 07, 2014 AAA

DailyFX.com -

Daily

Crude at Support from Channel Confluence

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.

You May Also Like

Related Forex Analysis
  1. Forex News

    Crude Failure to Hold LT Line Would Open Up 42.27

  2. Forex News

    Crude Weekly Reversal at Long Term Trendline

  3. Forex News

    Gold Rally Stalls, SPX 500 Struggling to Overcome December Low

  4. Forex News

    Gold Targeting 1300 Mark, Crude Oil Aiming to Extend Recovery

  5. Forex News

    Crude Reacts off of Line from 1998 and 2001 Lows

Trading Center