Chart Prepared by Jamie Saettele, CMT
Commodity Observations: “The emotional nature of the market in recent days is consistent with exhaustion however. Watch 8363 and the 100% extension just above 80 for market reactions.” An inside day formed today. Thursday’s price extremes can be used as points of reference to trade from.
Commodity Trading Strategy Implications: Exceeding Thursday’s high would warrant a bullish stance and dropping below Wednesday’s low would present an opportunity for bearish continuation against Thursday’s high.
LEVELS: 8073 8209 8363 8569 8740 8919