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Crude Reverses Sharply to End Day at Support

By , Sr. Technical Strategist
07 June 2012 23:45 GMT

Daily Bars

eliottWaves_oil_body_crude.png, Crude Reverses Sharply to End Day at Support

Prepared by Jamie Saettele, CMT

Be sure to stay abreast of the current interpretation of wave structure in risk. Crude continues to respect the resistance zone cited earlier in the week of 8584-8725. Today’s high was at 8700 and crude declined sharply to end near support from the 6/5 low at 8330. Given the panic decline seen last month, additional sideways trade is probably in the cards. Even a test of and drop below 8119 would probably prove terminal.

LEVELS: 8119 8225 8330 8449 8555 8700

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07 June 2012 23:45 GMT