Crude Pinned against Undeside of Former Support Line Now Resistance
Daily
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-Price broke below the trendline that extends off of the 6/25 and 8/22 lows and retested it on the Fed advance before breaking below the August low and trendline off of the April and June lows. That line is now serving as resistance.
-98-99 is a target zone for the rest (January high and 50% retracement of the advance from April).
Trading Strategy: Risk remains 104.35. Target remains 99.
LEVELS: 100.40 101.05 101.84 | 103.94 104.93 106.10
original source
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