Prepared by Jamie Saettele, CMT
After falling short of the 86/10/84 objective, crude roared higher today and completely erased yesterday’s decline. The advance is the 4th largest of the year, behind 6/29, 7/3, and 8/3 (circled). The 6/29 and 8/3 rallies kick started larger advances. 7/3 gave way to consolidation but the low of that day remained intact. Today’s range can be used as a reference point to determine a bias.
LEVELS: 9015 9050 9100 9180 9330 9381