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Commodity Technical Analysis: Crude Reverses Sharply After Poking Above 8700

Commodity Technical Analysis: Crude Reverses Sharply After Poking Above 8700

2012-11-16 01:18:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

Commodity_Technical_Analysis_Crude_Reverses_Sharply_After_Poking_Above_8700_body_crude.png, Commodity Technical Analysis: Crude Reverses Sharply After Poking Above 8700

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: Crude has quieted down significantly since the volatile back to back days on 11/6 and 11/7. The emotional nature of the market at that point is consistent with exhaustion but the probability of an important low being in place diminishes with the passage of time.

Commodity Trading Strategy: Exceeding 8919 would warrant a bullish stance. Until then, respect potential for a test of 8363 or 80. The latter level is the 61.8% extension of the decline from the March high.

LEVELS: 8073 8209 8454 8721 8840 8919

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