Chart Prepared by Jamie Saettele, CMT
Commodity Analysis: “The emotional nature of the market on 11/6 and 11/7 is consistent with exhaustion but the probability of an important low being in place diminishes with the passage of time.” Crude rallied through the 11/6 high but market conditions aren’t conducive to extended moves. Today’s high is right at former support from the 10/15 low (circled). Fibonacci resistance begins at 9029.
Commodity Trading Strategy: Nothing for now.
LEVELS: 8672 8724 8840 9029 9123 9222