Crude Sending Mixed Signals after Recent Volatility
Prepared by Jamie Saettele, CMT
“After falling short of the 86/10/84 objective, crude roared Thursday and completely erased Wednesday’s decline. The advance is the 4th largest of the year, behind 6/29, 7/3, and 8/3 (circled). The 6/29 and 8/3 rallies kick started larger advances. 7/3 gave way to consolidation but the low of that day remained intact. Thursday’s range can be used as a reference point to determine a bias.” Friday and Monday trading took place within Thursday’s range thus the bias remains neutral.
LEVELS: 8363 8610 8766 9180 9330 9553