Crude Drops Near 5/15 Low and Reverses Intraday

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eliottWaves_oil_body_crude.png, Crude Drops Near 5/15 Low and Reverses Intraday

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: Crude is once again trading at the trendline that extends off of highs since September 2012. This is the 7th week since September that the line has been tested. It seems unlikely that the level won’t give way eventually and send crude towards the line that extends off of the 2011 and 2012 highs near 103-104. Near term pattern is sloppy though and clarity is needed before a stand can be taken.

Commodity Trading Strategy: Flat

LEVELS: 90.09 92.11 93.34 95.46 96.41 97.65

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