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Crude Mid 106 Could Produce a Reaction

Crude Mid 106 Could Produce a Reaction

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_oil_body_crude.png, Crude Mid 106 Could Produce a Reaction

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: After months of false breakouts, crude reversed sharply lower 3 weeks ago before ‘reversing the reversal’ and breaking to 2013 highs. Crude has reached the line that extends off of the 2011 and 2012 highs. This is a level that could produce consolidation but it’s not a place to fight strength. The weekly closing high of 2012 at 106.58 is joined by 127% x the June-December 2012 range and could be a level that produces a more important high.

Commodity Trading Strategy: Flat

LEVELS: 99.19 100.50 102.15 104.82 106.58 110.53

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