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Forex pairs in this Article » OIL
Daily

eliottWaves_oil_body_crude.png, Crude Snaps Back after Intraday Drop  Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: Crude is little changed on the day but did drop as low as 105.44 intraday. Price is testing long term resistance and daily RSI has stayed above 70 for everyday but 1 since 7/5. Typically, extended durations of RSI > 70 are good markets to buy pullbacks. Watch for support between RSI 50 and 60 (daily).

Commodity Trading Strategy: Flat

LEVELS: 104.15 105.10 106.10 108.20 109.37 110.53

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