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Crude Rally Fails at Early Month Range

By , Sr. Technical Strategist
18 April 2012 22:09 GMT

Daily Bars

eliottWaves_oil_body_crude.png, Crude Rally Fails at Early Month Range

Prepared by Jamie Saettele, CMT

Crude’s rally failed at the early month range and yesterday’s advance was completely retraced. The stage is set for a strong decline into December and/or February lows at 94/96. Reward/risk is highly favorable against the April high.

Bottom Line (next 5 days) – lower

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18 April 2012 22:09 GMT