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Crude Estimated Resistance is at 97.14

Crude Estimated Resistance is at 97.14

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Candles

eliottWaves_oil_body_crude.png, Crude Estimated Resistance is at 97.14

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Commodity Analysis: There is nothing to add other than noting that the 2/13 outside day reversal close at 9714 is potential resistance. “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. The outside day (2/13) reversal is enough information to turn bearish.” COT data reveals a sentiment extreme as well.

Commodity Trading Strategy: Short against 9825.

LEVELS: 9379 9494 9620 9714 9821 9899

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