Crude Testing Channel; 2 Equal Legs is at 95.26

By DailyFx | Updated August 05, 2014 AAA

DailyFX.com -

Daily

Crude Testing Channel; 2 Equal Legs is at 95.26

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).

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

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Gold Extends Above 1200 Figure, SPX 500 Selloff Pauses to Digest

  2. Forex News

    Aussie, NZ Dollars Sink as Yemen Turmoil Drives Risk Aversion

  3. Forex News

    Crude Oil Rebound Accelerates, 5-Month SPX 500 Uptrend at Risk

  4. Forex News

    Crude Oil Stalls Below 57.00, SPX 500 May Be Forming Double Top

  5. Forex News

    Gold Aims Above 1200, SPX 500 Stalls Below February High

Trading Center