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Crude Recovers into Middle of Near Term Range

Crude Recovers into Middle of Near Term Range

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_oil_body_crude.png, Crude Recovers into Middle of Near Term Range

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.” Nothing has cleared up on a near term basis since the 8/2 failed run at the highs.

Commodity Trading Strategy: Flat

LEVELS: 99.19 102.21 103.78 106.81 108.89 110.53

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

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