Crude at Short Term Trendline Support

Daily Bars

Prepared by Jamie Saettele, CMT

The various degrees of trend in crude are at odds with another thus a larger sideways pattern is probably underway. “The rally from the 2009 low is in 3 waves (which is corrective) and the 2 bull legs of the move are roughly equal.” The decline however from this year's high is also corrective. Price is currently testing short term trendline support. Additional support comes in at 93.55.

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.