Crude’s Monday Range is Still Range for the Week

DailyFX

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eliottWaves_oil_body_crude.png, Crude’s Monday Range is Still Range for the Week

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: “Just 3 weeks after spiking below the trendline that extends off of the 2008 and 2012 lows, crude has rallied into the trendline that extends off of the highs since September 2012. What happens this week will probably have a lot to say regarding the next move. Tuesday’s inside day presents an opportunity to sell weakness on a drop below Monday’s low with a stop above Monday’s high.”

Commodity Trading Strategy: Tuesday’s inside day presents an opportunity to sell weakness on a drop below Monday’s low with a stop above Monday’s high.

LEVELS: 91.63 93.55 94.84 97.10 97.65 98.21

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