Crude Breaks Trendline Resistance – Suggests That Decline is Complete

Daily Bars

Prepared by Jamie Saettele, CMT

Recent comments were “favor the downside as long as price is below the trendline.” Crude has blasted through its trendline (and 20 day average), which leaves weakness from the May high as a 3 wave correction. The implications are bullish as long as the recent low holds (89.55). A small 2nd wave correction may be complete at 93.45. The next levels of interest on the upside are 99.68 and 100.34 (100% extension and 6/15 high).

Trend Strength (M,W,D) – 0, 0, 0

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Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market.  Send requests to receive his reports via email to jsaettele@dailyfx.com.