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.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Crude Oil and Gold Locked in Ranges, SPX 500 Drops Most in 4 Months

  2. Forex News

    Gold Waiting for Trigger Near $1300, US Dollar Looks Vulnerable

  3. Forex News

    Crude Pinned to 19 Year Trendline

  4. Forex News

    Crude Oil Flat-Lining, SPX 500 Flirting with Monthly Range Top

  5. Forex News

    Gold Stalls Below 1300, SPX 500 Locked in Choppy Consolidation

Trading Center