Commodity Technical Analysis: Crude Coiling after Holding Trendline Support

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eliottWaves_oil_body_crude.png, Commodity Technical Analysis: Crude Coiling after Holding Trendline Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Commodity Analysis: After holding steep trendline support last week, crude has traded in a tight range for 3 days. The tight range is probably a triangle. Triangles often precede the final thrust of a larger move. As such, respect the upside but look for resistance near 99.

Commodity Trading Strategy: Sell a new high near 99.

LEVELS: 9264 9379 9468 9689 9899 10040

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