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Commodity Technical Analysis: Crude Reverses Sharply

Commodity Technical Analysis: Crude Reverses Sharply

2012-11-21 02:29:00
Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

Commodity_Technical_Analysis_Crude_Reverses_Sharply_body_crude.png, Commodity Technical Analysis: Crude Reverses Sharply

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: I wrote yesterday that “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.” The move didn’t just ‘not extend’ but it completely reversed. The market is trading violently on headlines but 84-85 is potential support.

Commodity Trading Strategy: Nothing for now.

LEVELS: 8404 8500 8616 8850 8976 9029

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.