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Crude Threatens September 2012 High

Crude Threatens September 2012 High

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_oil_body_crude.png, Crude Threatens September 2012 High

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: Crude has been brutal. After months of false breakouts, crude reversed sharply lower 2 weeks ago and has now retraced the entire move down and then some. A break above the September high would shift focus to the line that extends off of the 2011 and 2012 tops near 103.

Commodity Trading Strategy: Was stopped out of a short taken at 95.85 at 98.20. Flat now.

LEVELS: 96.05 96.84 98.25 100.45 103.00 106.63

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