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Crude Consolidates Recent Weakness

Crude Consolidates Recent Weakness

2011-02-10 16:00:00
Jsaettele,
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240 Minute Bars

eliottWaves_oil_2_body_crude.png, Crude Consolidates Recent Weakness

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 92.84. A move above there would shift focus to 97.83. 88.11-88.45 serves as near term resistance.

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