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Commodity Technical Analysis: Crude Breakout Would Target September High

Commodity Technical Analysis: Crude Breakout Would Target September High

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_oil_body_crude.png, Commodity Technical Analysis: Crude Breakout Would Target September High

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: Crude has reached the 61.8% retracement of the 10040-8404 decline at 9415 and trendline that extends off of the 2012 (February and September) highs. The level is reinforced by highs in October. The rally is certainly stretched and this well-defined resistance level would be a good place for a top. Weakness below Friday’s low would be a good start for bears. Until then, respect the upside.

Commodity Trading Strategy: Nothing.

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