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Commodity Technical Analysis: Crude is Constructive above 86

By , Sr. Technical Strategist
27 November 2012 02:35 GMT

Daily Bars

Commodity_Technical_Analysis_Crude_is_Constructive_above_86_body_crude.png, Commodity Technical Analysis: Crude is Constructive above 86

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: Recent inside days near the midpoint of the range since late October may signal basing before crude makes another bull run. The rally from last Wednesday’s low is impulsive and does warrant a constructive view against Tuesday’s low (8616).

Commodity Trading Strategy: Look higher against 8616 towards the top of the recent range.

LEVELS: 8404 8500 8616 8850 8976 9029

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27 November 2012 02:35 GMT