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Commodity Technical Analysis: Crude Inside Day Suggestive of Basing

Commodity Technical Analysis: Crude Inside Day Suggestive of Basing

2012-11-22 00:57:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

Commodity_Technical_Analysis_Crude_Inside_Day_Suggestive_of_Basing_body_crude.png, Commodity Technical Analysis: Crude Inside Day Suggestive of Basing

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: The inside day near the midpoint of the recent range following the headline decline from the previous day may signal basing before crude makes another bull run. The rally from Wednesday’s low is impulsive and does warrant a constructive view against the Tuesday’s low.

Commodity Trading Strategy: Look higher against Tuesday’s low towards the top of the range.

LEVELS: 8404 8500 8616 8850 8976 9029

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