Crude at Trendline; Could Rebound

By DailyFx | Updated July 30, 2014 AAA

DailyFX.com -

Daily

Crude at Trendline; Could Rebound

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“Crude is failing to hold breakout gains. The high of the move so far is the day after the breakout and the market has been probing channel support all week. Futures made an outside week reversal last week as well. Still, weakness isn’t impulsive which leaves room for another leg up.” Weakness has accelerated and overlap with the May high suggests that a top is in place.

LEVELS: 101.56 102.64 103.65 | 105.19 106.17 107.50

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

You May Also Like

Related Forex Analysis
  1. Forex News

    Gold Reversal Stalls, SPX 500 Vulnerable to Renewed Selling Pressure

  2. Forex News

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

  3. Forex News

    Dollar Rally Post-FOMC Bolstered by Surprise SNB Action

  4. Forex News

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

  5. Forex News

    FOMC Preview and Trade Setups in EUR/USD, USD/JPY, AUD/USD

Trading Center