Crude Focus Remains on Shorting above Market
60 Minute Bars
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Commodity Analysis: Wrote last week that crude’s “implications are bearish below 94.79, for a break below 91.95 and possibly an extended decline.” The extended variety is already underway. The clean break of 10 month trendline support open up and eventual run on the October 2012 low at 84.04. With 5 waves down from the April 1 high, would like to short a correction of that decline.
Commodity Trading Strategy: Short order at 91.60, stop 95.00, target open
LEVELS: 84.04 85.61 87.66 89.94 91.63 93.05