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Commodity Technical Analysis: Crude Trades to November High

By , Sr. Technical Strategist
20 November 2012 01:13 GMT

Daily Bars

Commodity_Technical_Analysis_Crude_Trades_to_November_High_body_crude.png, Commodity Technical Analysis: Crude Trades to November High

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: “The emotional nature of the market on 11/6 and 11/7 is consistent with exhaustion but the probability of an important low being in place diminishes with the passage of time.” Crude rallied through the 11/6 high but market conditions aren’t conducive to extended moves. Today’s high is right at former support from the 10/15 low (circled). Fibonacci resistance begins at 9029.

Commodity Trading Strategy: Nothing for now.

LEVELS: 8672 8724 8840 9029 9123 9222

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20 November 2012 01:13 GMT