Commentary, Energy, Featured|October 26, 2012 7:15 am

Crude Stabilizes with Inside Day

Daily Bars

Chart Prepared by Jamie Saettele, CMT

Commodity Observations: Crude’s inside day at the 61.8% retracement of the rally from 7726 hints that selling has subsided. Still, the rally from 7726 is probably a correction with sub waves 3-3-5.

Commodity Trading Strategy Implications: The 6/29 (large range and large volume) close is at 8475 and 7/10 low is at 8363. These levels may provide interim support but market risk is lower, albeit on strength.

LEVELS: 8084 8363 8475 8744 8855 8976

Tags: floor traders, Futures, oil

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Crude Stabilizes with Inside Day

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