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Crude Breaks Range Low to Confirm Recent Bearish Action

Crude Breaks Range Low to Confirm Recent Bearish Action

2013-02-20 22:26:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Breaks Range Low to Confirm Recent Bearish Action

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Commodity Analysis: Crude confirmed last Wednesday’s “outside day (2/13) reversal” by breaking below the recent range. COT data reveals a sentiment extreme as well. Focus shifts to bearish targets, which are determined by extending the width of the recent range by the range low (breakout level) and Fibonacci multiples of the range low. The math reveals objective on the chart. The most significant is probably the 2.618 target, which is within 20 cents of the 61.8% retracement of the rally from 8404.

Commodity Trading Strategy: Risk is moved down to 9750.

LEVELS: 9151 9264 9379 9579 9681 9746

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