Commodity Technical Analysis: Crude Inching Towards Fibonacci Level and Trendline
Weekly Bars
Chart Prepared by Jamie Saettele, CMT
Commodity Analysis: "Crude is nearing potentially significant resistance from the 61.8% retracement of the 10040-8404 decline at 9415 and trendline that extends off of the 2012 (February and September) highs. This area is reinforced by the 9/21 and 10/10 highs (already reached) and 8/30 low at 9393."
Commodity Trading Strategy: After initially selling off sharply following the 1/3 inside day, crude is pressing the highs and focus is back on the mentioned Fibonacci level and trendline.
LEVELS: 8795 8996 9146 9415 9533 9719
Chart Prepared by Jamie Saettele, CMT
Commodity Analysis: "Crude is nearing potentially significant resistance from the 61.8% retracement of the 10040-8404 decline at 9415 and trendline that extends off of the 2012 (February and September) highs. This area is reinforced by the 9/21 and 10/10 highs (already reached) and 8/30 low at 9393."
Commodity Trading Strategy: After initially selling off sharply following the 1/3 inside day, crude is pressing the highs and focus is back on the mentioned Fibonacci level and trendline.
LEVELS: 8795 8996 9146 9415 9533 9719
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