Crude Wipes Out All of June; Nearing May Low

By DailyFx | July 15, 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.

comments powered by Disqus
Related Forex Analysis
  1. Dollar Finds Capital Market Uncertainties Offset Wavering Fed Rhetoric
    Forex News

    Dollar Finds Capital Market Uncertainties Offset Wavering Fed Rhetoric

  2. US Dollar Pullback May Be Ahead, SPX 500 Slips Below 2000 Again
    Forex News

    US Dollar Pullback May Be Ahead, SPX 500 Slips Below 2000 Again

  3. US Dollar Technical Analysis: Bullish Momentum Fading?
    Forex News

    US Dollar Technical Analysis: Bullish Momentum Fading?

  4. Euro May Be Asymetrically Sensitive if PMI Data Tops Expectations
    Forex News

    Euro May Be Asymetrically Sensitive if PMI Data Tops Expectations

  5. EUR/USD stuck at 1.2850, new triggers are wanted
    Forex News

    EUR/USD stuck at 1.2850, new triggers are wanted

Trading Center