Crude Inside Day Breakout Trade
Prepared by Jamie Saettele, CMT
Focus remains on the short term channel and 100% extension of the decline from 9321 (just below 8500). I wrote yesterday that “the outside day offers an opportunity to play a breakout of Tuesday’s price range (9026 and 8729). Looking out a bit, a drop below 8685 would break the series of higher lows from 7726 and increase confidence in the idea that the rally from that level is complete in 3 waves.” Today’s drop below Tuesday’s low (8729) triggers a bearish bias as per the inside day setup.
LEVELS: 8449 8555 8685 8777 8860 8960