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Crude Resistance Extends to 88.45

Crude Resistance Extends to 88.45

2011-02-08 15:37:00
Jsaettele,
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60 Minute Bars

eliottWaves_oil_2_body_crude.png, Crude Resistance Extends to 88.45

Prepared by Jamie Saettele

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. 87.69-88.45 serves as near term resistance.

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