Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Commodity Analysis: Crude has broken steep trendline support. Trendlines break of this angle are often false but any near term bearish development (such as a 5 wave decline and 3 wave setback) would warrant consideration in light of recent COT data.
Commodity Trading Strategy: A drop below 9494 would complete a short term head and shoulders top with a target of 9181. Until then…resect potential for another leg higher.
LEVELS: 9264 9379 9494 9821 9899 10040