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Crude Outside Day Reversal Unfolds Before High

Crude Outside Day Reversal Unfolds Before High

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Candles

eliottWaves_oil_body_crude.png, Crude Outside Day Reversal Unfolds Before High

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Commodity Analysis: Today’s action is bearish, especially when viewed in the context of February’s high and low. To this point, the high for the month is on the first trading day of the month and the low is on the seventh trading day of the month. It is more probable that the first day of the month high remains in place. Today’s outside day reversal is enough information to turn bearish.

Commodity Trading Strategy: Short against 9825. Stop will be trailed when deemed appropriate.

LEVELS: 9494 9613 9665 9821 9899 10040

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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