Crude Rebounds from 61.8% Retracement of Swing from November
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Commodity Analysis: Crude has reached a level that may prove difficult to break. The level in question is defined by the 61.8% retracement of the rally from November’s low, resistance throughout November and early December, and the trendline that extends off of the June and December 2012 lows. Resistance is now 92.
Commodity Trading Strategy: The response at well-defined support suggests we move from short to flat. Shorts at higher levels are likely.
LEVELS: 87.94 89.33 90.25 92.00 93.40 9440
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