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Light Crude

Light Crude

2010-07-29 15:16:00
Tim Shea,
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60 Minute Bars

eliottWaves_oil_body_100730_081759_CQG_IC_Screen.png, Light Crude

Prepared by Jamie Saettele

Crude has traded sideways for the past several weeks and I cannot yet rule out a move above 8080 in order to complete a complex correction (W-X-Y) from 6966. Resistance would be at 8318. The larger trend is down…the question is whether or now price will exceed 8080 before the plunge. Even so, strength should prove temporary.

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday evenings), technical analysis of currency crosseson 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.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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