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Crude Resistance at 8975

Crude Resistance at 8975

2011-02-07 15:45:00
Jsaettele,
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60 Minute Bars

eliottWaves_oil_2_body_crude.png, Crude Resistance at 8975

Prepared by Jamie Saettele

Bulls and bears are engaged in an intense battle in the crude market. Crude has dropped beneath both its 20 and 50 day averages and the key reversal week during the first week of January is bearish (as long as the high remains intact). I am cautiously bearish as long as price is below 93.51. A move above there would shift focus to 97.83. If the larger trend is down, then crude shouldn’t get much above 89.74.

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