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Crude Closes on the Lows and Reaches Initial Objective

Crude Closes on the Lows and Reaches Initial Objective

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Closes on the Lows and Reaches Initial Objective

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.” The close on the lows keeps me bearish despite the first Fibonacci target being reached.

Commodity Trading Strategy: Short, targeting 8970.

LEVELS: 9031 9151 9264 9358 9425 9526

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