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Commodity Technical Analysis: Crude Breaks Near Term Trendline

Commodity Technical Analysis: Crude Breaks Near Term Trendline

2012-11-29 01:42:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Candles

Commodity_Technical_Analysis_Crude_Breaks_Near_Term_Trendline_body_crude.png, Commodity Technical Analysis: Crude Breaks Near Term Trendline

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: No change other than noting that crude has now broken below the short term trendline support. “Crude has traded between mostly 85 and 89 for over a month now but trading on 11/6-11/7 and 11/19-20 suggest that the break will be lower. Strong advances were immediately retraced, suggesting weak longs and indicating increased selling pressure. The overlapping of rallies (look at intraday chart) suggests that strength is corrective as well.”

Commodity Trading Strategy: Shorts against 8850 could work but I’m uneasy doing anything in this arena other than range trading.

LEVELS: 8363 8404 8534 8727 8850 8916

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

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