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.
LEVELS: 9264 9379 9494 9821 9899 10040