Chart Prepared by Jamie Saettele, CMT
Commodity Analysis: Crude has quieted down significantly since the volatile back to back days on 11/6 and 11/7. The emotional nature of the market at that point is consistent with exhaustion but the probability of an important low being in place diminishes with the passage of time.
Commodity Trading Strategy: Exceeding Friday’s high would warrant a bullish stance towards at least 8919. Until then, respect potential for a test of 8363 or 80. The latter level is the 61.8% extension of the decline from the March high.
LEVELS: 8073 8209 8363 8674 8740 8919