eliottWaves_oil_body_crude.png, Crude Backs off after Spiking Through 107

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: Crude’s breakout rally finally found formidable resistance just above 107. 106.58 was the highest weekly close in 2012 and 106.97 was is the 161.8% extension of the 98.21-84.04 range. An inverse head and shoulders target does rest at 109.05. Crude made a large range key reversal today but the move was on lackluster volume and the larger breakout is more significant. Look for support at 103.95.

Commodity Trading Strategy: Flat

LEVELS: 100.68 102.15 103.95 107.43 109.05 110.53