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Crude Near Term Pattern May be a Triangle

By , Sr. Technical Strategist
17 July 2013 22:40 GMT

Hourly

eliottWaves_oil_body_crude.png, Crude Near Term Pattern May be a Triangle

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: Crude’s breakout rally finally found formidable resistance just above 107. 106.58 was the highest weekly close in 2012 and 106.97 was is the 161.8% extension of the 98.21-84.04 range. An inverse head and shoulders target does rest at 109.05. Crude made a large range key reversal last Thursday and COT is extreme but the move was on lackluster volume and the larger breakout is more significant.

Commodity Trading Strategy: “Can’t chase here…if price completes a flat correction or triangle over the next few days then we’ll have a chance to participate.”

LEVELS: 103.95 104.96 105.53 107.43 109.05 110.53

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17 July 2013 22:40 GMT