Crude Support Line Finally Gives Way
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Commodity Analysis: “The current level, defined by a former resistance line, may provide support for a relief rally but expect resistance from the Monday high if reached at 9443.” Crude held at the trendline for 3 days before finally giving in. The trendline off of the June and November 2012 lows may come into play as support next week.
Commodity Trading Strategy: Risk can be moved down to 9345. When crude trends, it trends quickly, so it’s best to keep the moving the stop down as market action dictates.
LEVELS: 8945 9031 9113 9245 9340 9440