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Commodity Technical Analysis: Crude Gyrating Between Near Term Price Extremes

Commodity Technical Analysis: Crude Gyrating Between Near Term Price Extremes

2012-11-30 00:40:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Candles

Commodity_Technical_Analysis_Crude_Gyrating_Between_Near_Term_Price_Extremes_body_crude.png, Commodity Technical Analysis: Crude Gyrating Between Near Term Price Extremes

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: “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: I wrote yesterday that “shorts against 8850 could work but I’m uneasy doing anything in this arena other than range trading.” The only thing to do here is play the range…which appears to be 85-89.

LEVELS: 8404 8534 8681 8778 8916 8976

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

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