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Crude Holding Important Long Term Averages

Crude Holding Important Long Term Averages

2011-02-02 15:41:00
Jsaettele,
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Weekly Bars

eliottWaves_oil_2_body_crude.png, Crude Holding Important Long Term Averages

Prepared by Jamie Saettele

After breaking a short term support line and 88.18, Crude has reversed violently and is again knocking on the door of its 2011 high (made on the first trading day of the year) at 93.51. My larger bias remains bearish as long as price is below 97.83. I am showing the weekly chart today to illustrate how a move above 97.83 could lead to a rally as high as 113.09 (100% extension) over several months.

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