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Commodity Technical Analysis: Crude Inside Day Suggestive of Basing

By , Sr. Technical Strategist
22 November 2012 00:57 GMT

Daily Bars

Commodity_Technical_Analysis_Crude_Inside_Day_Suggestive_of_Basing_body_crude.png, Commodity Technical Analysis: Crude Inside Day Suggestive of Basing

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: The inside day near the midpoint of the recent range following the headline decline from the previous day may signal basing before crude makes another bull run. The rally from Wednesday’s low is impulsive and does warrant a constructive view against the Tuesday’s low.

Commodity Trading Strategy: Look higher against Tuesday’s low towards the top of the range.

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22 November 2012 00:57 GMT