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Commodity Technical Analysis: Crude Dips Below 8500

Commodity Technical Analysis: Crude Dips Below 8500

2012-10-29 20:03:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Commodity Technical Analysis: Crude Dips Below 8500

Chart Prepared by Jamie Saettele, CMT

Commodity Observations: Crude has dipped below 8500 to test support from the 6/29 JST close at 8475. 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

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