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Crude Nearing Highs; 2012 High Just Above

Crude Nearing Highs; 2012 High Just Above

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_oil_body_crude.png, Crude Nearing Highs; 2012 High Just Above

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: “Given extremes in Crude COT and the fact that the recent rally failed near the 2012 high, I’m finding it difficult to treat the decline from the recent high as a 4th wave. The decline appears to be unfolding in an impulsive manner as well. Estimated resistance is 105.44.” Crude surged today and is nearing the highs from late last month. We’re at huge resistance…I’m looking for a top.

Commodity Trading Strategy: Flat

LEVELS: 104 105.68 106.59 108.20 109 110.53

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