Crude Backs off after Spiking Through 107
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Interested in automated trading with Mirror Trader?
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.