Crude Closes at Highs; Follows Through on Breakout
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Commodity Analysis: No change – “Bigger picture, the range has been tightening for years (triangles within triangles?) and the latest triangle may be between 84.04 and 100.40. Crude traded to a new high for the year today before backing off to end the day. A bullish breakout is valid above 94. Exceeding 100.45 would open up a move into trendline resistance just above 103.”
Commodity Trading Strategy: Long while above 94. Stop will be trailed (breakout)
LEVELS: 94.04 96.40 98.21 98.75 100.45 103.83
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