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Crude Churning in Range; Continuation or Reversal?

Crude Churning in Range; Continuation or Reversal?

2013-08-22 00:23:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily

eliottWaves_oil_body_crude.png, Crude Churning in Range; Continuation or Reversal?

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.” A break below 102 is needed to suggest a bigger bear move is underway.

Commodity Trading Strategy: Flat

LEVELS: 100.68 102.21 103.78 105.59 106.29 107.00

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