Crude Wipes Out All of June; Nearing May Low

By DailyFx | Updated July 30, 2014 AAA

DailyFX.com -

Weekly

Crude Wipes Out All of June; Nearing May Low

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. Weakness has accelerated and overlap with the May high suggests that a top is in place.” Crude has retraced all of June and is nearing the May low (98.73) and 200 DMA. Expect a rally attempt from nearby levels.

LEVELS: 96.24 97.34 98.73 | 101.54 103 104.50

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

Related Forex Analysis
  1. Gold Approaching Monthly Low, US Dollar May Correct Downward
    Forex News

    Gold Approaching Monthly Low, US Dollar May Correct Downward

  2. Silver Slumps To Fresh 2014 Low, WTI Within Striking Distance Of $80
    Forex News

    Silver Slumps To Fresh 2014 Low, WTI Within Striking Distance Of $80

  3. Crude Weak Bounces Portend Lower Levels
    Forex News

    Crude Weak Bounces Portend Lower Levels

  4. WTI Crude Oil Still Going Sideways
    Investing

    WTI Crude Oil Still Going Sideways

  5. Gold Slumps to Three-Week Low, US Dollar Uptrend Back in Play
    Forex News

    Gold Slumps to Three-Week Low, US Dollar Uptrend Back in Play

Trading Center