Crude Trading Best Described as a Range Within a Range
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Commodity Analysis: There remains little to say about crude right now. Rallies continue to fail at trendline resistance / top of the recent range. Bigger picture, the range has been tightening for years (triangles within triangles?) and the latest triangle may be between 84.04 and 100.40. In other words, the next move could be towards the line that extends off of the November and April lows.
Commodity Trading Strategy: Flat
LEVELS: 89.33 90.09 92.11 94.08 95.10 95.89
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