Crude remains strong and the larger trend is considered up as long as price is above 6859 (under there completes a longer term head and shoulders top). Still, at least a setback looks likely near term as there are 5 waves up from the February low (and wave v is a diagonal). 8286-8350 is potential resistance from a gap. Expect weakness to at least below 7705. 7613 is potential support. It is possible that the rally from the February low completes wave C of an A-B-C flat. An impulsive decline from near current price would confirm as much.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to jsaettele@dailyfx.com.
