Crude Bears Contend with an Internal Trendline
Daily Bars
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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Commodity Analysis: Wrote last week that “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.” The drop below 94.84 turns me bearish.
Commodity Trading Strategy: The drop below 94.84 turns me bearish against 97.15, targets 90.10 and open.
LEVELS: 90.09 91.63 93.34 95.83 97.10 97.65
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