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Commodity Technical Analysis: Crude Fails at Fibonacci Level Again

Commodity Technical Analysis: Crude Fails at Fibonacci Level Again

2012-12-24 16:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Commodity Technical Analysis: Crude Fails at Fibonacci Level Again

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) took out the November high before reversing again at Fibonacci resistance. The false break higher is bearish in its own right.

Commodity Trading Strategy: The pop above the November high stopped us out of shorts. It’s best to wait until next week before attempting anything again.

LEVELS: 8404 8519 8765 9051 9125 9200

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