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Commodity Technical Analysis: Crude Inside Day Aids in Strategy

Commodity Technical Analysis: Crude Inside Day Aids in Strategy

2012-11-09 02:17:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

Commodity_Technical_Analysis_Crude_Inside_Day_Aids_in_Strategy_body_crude.png, Commodity Technical Analysis: Crude Inside Day Aids in Strategy

Chart Prepared by Jamie Saettele, CMT

Commodity Observations: “The emotional nature of the market in recent days is consistent with exhaustion however. Watch 8363 and the 100% extension just above 80 for market reactions.” An inside day formed today. Thursday’s price extremes can be used as points of reference to trade from.

Commodity Trading Strategy Implications: Exceeding Thursday’s high would warrant a bullish stance and dropping below Wednesday’s low would present an opportunity for bearish continuation against Thursday’s high.

LEVELS: 8073 8209 8363 8569 8740 8919

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