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Commodity Technical Analysis: Crude at Levels Worth Shorting

Commodity Technical Analysis: Crude at Levels Worth Shorting

2012-12-18 23:56:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Commodity Technical Analysis: Crude at Levels Worth Shorting

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: “The trend has been down since September and it’s probably best to look lower since the November low as nothing more than consolidation before additional weakness.” The rally from 8519 (12/11 low) has reached resistance and shorts are warranted given the impulsive weakness from 9031 (12/3 high).

Commodity Trading Strategy: The most recent comment was “8835/89 is estimated resistance to short into against 9031.” We’re at resistance so I’m looking lower from here.

LEVELS: 8363 8454 8565 8889 9031 9125

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