Crude Key Reversal Enough to Turn Neutral
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Commodity Analysis: Crude traded to a new high for the year today before reversing and forming a key reversal. Today’s high is also just ticks above the close of the 9/14/2012 high (close that day was 98.99). The risk of a bigger reversal here is too much to stay long on the breakout.
Commodity Trading Strategy: Flat – if this high stays in place through tomorrow, then might have a short opportunity.
LEVELS: 94.04 96.40 97.38 99.19 100.45 103.83
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