Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Commodity Analysis: Near term, watch for resistance from the ‘meridian’ line that has proved important on numerous occasions. The line is at about 1435 this week. 1367 is still estimated support (low last week was 1365 and close today was 1367). Failure to hold that level on a daily closing basis would be worrisome. We should have an idea regarding the next move soon.
Commodity Trading Strategy: Flat
LEVELS: 1307 1321 1367 1395 1413 1423