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Commodity Technical Analysis: Crude Bounces from Trendline Support

Commodity Technical Analysis: Crude Bounces from Trendline Support

2013-01-24 22:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Commodity Technical Analysis: Crude Bounces from Trendline Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Commodity Analysis: Crude held steep trendline support today but may be trying to form a top. “Daily RSI is above 70. Since the 2009 low (8 instances…each were important reversals), daily RSI has been unable to stay above 70 for longer than a few days.” RSI stayed above 70 for 3 days this time. The implications from RSI make it difficult to trust the bullish trendline break.

Commodity Trading Strategy: Wait a few days. If crude can stay below the recent high for several days, then I’ll be willing to short.

LEVELS: 9264 9379 9468 9689 9899 10040

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