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Crude Drops for 4th Consecutive Day; Under 102.66 Would Make Lower Low

Crude Drops for 4th Consecutive Day; Under 102.66 Would Make Lower Low

2013-08-07 23:23:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily

eliottWaves_oil_body_crude.png, Crude Drops for 4th Consecutive Day; Under 102.66 Would Make Lower Low

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.” Friday’s run at the highs failed. We’re at huge resistance so a bearish bias is warranted but a clean short term bearish pattern has yet to form.

Commodity Trading Strategy: Flat

LEVELS: 102.11 102.66 104.11 104.84 106.81 108.89

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