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Commodity Technical Analysis: Crude Ends Day Unchanged after Reversal at Fibonacci

By , Sr. Technical Strategist
04 December 2012 00:54 GMT

Daily Bars

Commodity_Technical_Analysis_Crude_Ends_Day_Unchanged_after_Reversal_at_Fibonacci_body_crude.png, Commodity Technical Analysis: Crude Ends Day Unchanged after Reversal at Fibonacci

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: Crude failed to sustain yet another upside break. The rally reversed right at the 38.2% retracement of the decline from the September high (spot). The 10/15 low reinforces the area as one of importance.

Commodity Trading Strategy: I wrote last week that “I’m uneasy doing anything in this arena other than range trading.” Failure at the top of the range warrants action. Look lower.

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04 December 2012 00:54 GMT