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Commodity Technical Analysis: Crude Stabilizes with Inside Day

Commodity Technical Analysis: Crude Stabilizes with Inside Day

2012-10-25 23:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Commodity Technical Analysis: Crude Stabilizes with Inside Day

Chart Prepared by Jamie Saettele, CMT

Commodity Observations: Crude’s inside day at the 61.8% retracement of the rally from 7726 hints that selling has subsided. Still, the rally from 7726 is probably a correction with sub waves 3-3-5.

Commodity Trading Strategy Implications: The 6/29 (large range and large volume) close is at 8475 and 7/10 low is at 8363. These levels may provide interim support but market risk is lower, albeit on strength.

LEVELS: 8084 8363 8475 8744 8855 8976

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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