Chart Prepared by Jamie Saettele, CMT
Commodity Analysis: “The trend has been down since September and it’s probably best to look lower since the November low as nothing more than consolidation before additional weakness.” IF crude can sustain a downside break then focus (probably later in the month) would shift to the 78.6% retracement of the rally from 7726 and channel support. Also keep an eye on former trendline resistance, which indicated support on 11/28.
Commodity Trading Strategy: 8550, the first target, was hit several days ago and the rest of the position was stopped out at Monday’s high. 8835/89 is estimated resistance to short into against 9031.
LEVELS: 8363 8454 8565 8765 8835 8889
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.