Crude Pulls Back Before Reaching 2012 High

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eliottWaves_oil_body_crude.png, Crude Pulls Back Before Reaching 2012 High

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: Crude retraced most of last Thursday’s advance. Estimated support is from the 7/10 close (high volume) at 106.10. Weakness below there would be a warning that the rally is complete before the 2012 high.

Commodity Trading Strategy: Flat

LEVELS: 104.15 105.10 106.10 108.20 109.37 110.53

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