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Crude Favored Lower Below 9331

By , Sr. Technical Strategist
22 May 2012 17:25 GMT

Daily Bars

eliottWaves_oil_body_crude.png, Crude Favored Lower Below 9331

Prepared by Jamie Saettele, CMT

Look lower against 9331 towards September resistance at 9049 and the 11/1/11 low at 8915. Exceeding 9331 would give scope to additional strength towards 9521 and 9749. As is the case in other markets (notably EURUSD and NZDUSD), the base channel should watched for resistance in the future.

LEVELS: 9749 9521 9331 9049 8915 8661 8421

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22 May 2012 17:25 GMT