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Crude’s Monday Range is Important in Near Term

Crude’s Monday Range is Important in Near Term

2013-05-08 20:00:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Candles

eliottWaves_oil_body_crude.png, Crude’s Monday Range is Important in Near Term

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

Commodity Analysis: “Just 3 weeks after spiking below the trendline that extends off of the 2008 and 2012 lows, crude has rallied into the trendline that extends off of the highs since September 2012. What happens this week will probably have a lot to say regarding the next move. Tuesday’s inside day presents an opportunity to sell weakness on a drop below Monday’s low with a stop above Monday’s high.”

Commodity Trading Strategy: Tuesday’s inside day presents an opportunity to sell weakness on a drop below Monday’s low with a stop above Monday’s high.

LEVELS: 91.63 93.55 94.84 97.10 97.65 98.21

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