Chart Prepared by Jamie Saettele, CMT
Commodity Analysis: I wrote yesterday that “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.” The move didn’t just ‘not extend’ but it completely reversed. The market is trading violently on headlines but 84-85 is potential support.
Commodity Trading Strategy: Nothing for now.
LEVELS: 8404 8500 8616 8850 8976 9029
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.