Daily
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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Commodity Analysis: Wrote yesterday that “price is testing long term resistance and daily RSI has stayed above 70 for everyday but 1 since 7/5. Typically, extended durations of RSI 70 are good markets to buy pullbacks. Watch for support between RSI 50 and 60 (daily).” RSI has reached 60. Parallel channel support is at about 103 on Thursday. The 7/3 high and 7/8 low is at 102.11 and is also estimated support.
Commodity Trading Strategy: May very well get a drop into 102-103 before new highs (4th and 5th waves) but it’s not for me.
LEVELS: 102.11 103.00 104.15 106.10 108.20 110.53