(MENAFN- DailyFX)
Daily
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-A triangle formed in Crude from 7/19 to 8/21. Triangles are typically resolved in the direction of the larger trend but breakouts from triangles are usually the final leg of a larger move.
-On 8/28, price took out the 2012 high before closing nearly $3 off of the high (exhaustion)
-Price broke below the trendline that extends off of the 6/25 and 8/22 lows and retested it on the Fed advance before dropping to test the August low and trendline off of the April and June lows.
Trading Strategy: Bias is still short with a target of 100.50 but beware a bounce from here with the August low and trendline in the way. 104.90-105.40 is estimated resistance.
LEVELS: 100.36 102.21 102.74 | 104.10 104.93 106.10
original source
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.