Commodities, Featured|September 27, 2012 6:04 am

Crude Drops into Early August Range

240 Minute Bars

Prepared by Jamie Saettele, CMT

“The decline is unfolding in an impulsive manner.” When crude decides to move, it moves quickly. After bouncing several times at the 38.2% retracement of the rally from 7726, crude broke down and has entered the price territory of August 1st. This level may produce a bounce but focus is on 8610/84; the 61.8% retracement of the rally from 7726 and 7/25 low (spot prices).

LEVELS: 8684 8786 8894 9178 9320 9381

Share this post:

© 2013 . All Rights Reserved

The information and data on MrTopStep and any MrTopStep report(s) or Membership Services were obtained from sources considered reliable. By using this website or any other MrTopStep Membership Services, you agree to the terms set forth in the Terms of Use. Opinions, market data, and recommendations are subject to change at any time. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any commodities or securities. MrTopStep, its officers, directors and its contributors may in the normal course of business, have position(s), which may or may not agree with the opinions expressed in this report.

MrTopStep, its officers, and directors are not agents, representatives, or affiliates of the CME Group. Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. Any decision to purchase or sell as a result of the opinions expressed in these report(s) will be the full responsibility of the person(s) authorizing such transaction(s). BE ADVISED TO ALWAYS USE PROTECTIVE STOP LOSSES AND ALLOW FOR SLIPPAGE TO MANAGE YOUR TRADE(S) AS AN INVESTOR COULD LOSE ALL OR MORE THAN THEIR INITIAL INVESTMENT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Crude Drops into Early August Range

You might also be interested in the following: