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Commodity Technical Analysis: Crude Break Test Fibonacci Support

Commodity Technical Analysis: Crude Break Test Fibonacci Support

2012-10-23 02:15:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Commodity Technical Analysis: Crude Break Test Fibonacci Support

Chart Prepared by Jamie Saettele, CMT

Commodity Observations: “The 10/15 low is viewed as the latest pivot so respect potential for a return to 9400 and perhaps the 61.8% retracement of the decline from 10040 at 9553. However, new longs at the top of the range (current level) aren’t wise given current range conditions. I don’t see a trade here.” The 10/15 gave way today and crude is at the bottom of the range (for October). Those bent on trading crude can use Monday’s high as a level to hold a bearish bias against for a break to lower levels but crude’s false break tendencies make me gun shy.

Commodity Trading Strategy Implications:

LEVELS: 8550 8684 8795 8983 9064 9125

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