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Crude Spikes Lower Before Closing Near High of Day

Crude Spikes Lower Before Closing Near High of Day

2013-02-06 22:32:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Spikes Lower Before Closing Near High of Day

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Commodity Analysis: Crude has broken steep trendline support. Trendlines break of this angle are often false but any near term bearish development (such as a 5 wave decline and 3 wave setback) would warrant consideration in light of recent COT data.

Commodity Trading Strategy: The decline and recovery so far in February aren’t especially clean. Pick your spots…this isn’t one of them.

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