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