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Commodity Technical Analysis: Overlapping Rallies Leave Crude Vulnerable

By , Sr. Technical Strategist
28 November 2012 01:53 GMT

Daily Candles

Commodity_Technical_Analysis_Overlapping_Rallies_Leave_Crude_Vulnerable_body_crude.png, Commodity Technical Analysis: Overlapping Rallies Leave Crude Vulnerable

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: Crude has traded between mostly 85 and 89 for over a month now but trading on 11/6-11/7 and 11/19-20 suggest that the break will be lower. Strong advances were immediately retraced, suggesting weak longs and indicating increased selling pressure. The overlapping of rallies (look at intraday chart) suggests that strength is corrective as well.

Commodity Trading Strategy: Nothing for now.

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28 November 2012 01:53 GMT