Commodity Technical Analysis: Crude Ends Day Unchanged after Reversal at Fibonacci

Daily Bars

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: Crude failed to sustain yet another upside break. The rally reversed right at the 38.2% retracement of the decline from the September high (spot). The 10/15 low reinforces the area as one of importance.

Commodity Trading Strategy: I wrote last week that “I’m uneasy doing anything in this arena other than range trading.” Failure at the top of the range warrants action. Look lower.

LEVELS: 8534 8745 8866 8931 9031 9222