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Crude at a Level That Could Produce a Reaction

Crude at a Level That Could Produce a Reaction

2013-07-10 01:18:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_oil_body_crude.png, Crude at a Level That 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 leads to at least some consolidation.

Commodity Trading Strategy: Flat

LEVELS: 102.29 103.95 104.89 106.58 108.00 110.53

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

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