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Crude Key Reversal Enough to Turn Neutral

Crude Key Reversal Enough to Turn Neutral

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_oil_body_crude.png, Crude Key Reversal Enough to Turn Neutral

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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