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Crude Congestion Pattern Still Underway

By , Sr. Technical Strategist
24 April 2012 20:46 GMT

Daily Bars

eliottWaves_oil_body_crude.png, Crude Congestion Pattern Still Underway

Prepared by Jamie Saettele, CMT

As long as price is below 10546 (early month high), look lower towards the December and/or February lows at 94/96. Reward/risk is highly favorable against the April high. The slope of the 20 day average remains negative as well (I’m really searching for something).

Bottom Line (next 5 days) – lower

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24 April 2012 20:46 GMT