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Crude First Failed Run at the Highs

Crude First Failed Run at the Highs

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

eliottWaves_oil_body_crude.png, Crude First Failed Run at the Highs

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 last Thursday and COT is extreme but the move was on lackluster volume and the larger breakout is more significant. This morning’s run at the highs failed which may set the stage for a deeper pullback. A test of 104.29 might present an opportunity to get long.

Commodity Trading Strategy: “Can’t chase here…if price completes a flat correction or triangle over the next few days then we’ll have a chance to participate.”

LEVELS: 103.95 104.96 105.53 107.43 109.05 110.53

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

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