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Crude Congestion is Resistance Up to 88.11

Crude Congestion is Resistance Up to 88.11

2011-02-17 16:00:00
Jsaettele,
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Daily Bars

eliottWaves_oil_2_body_crude.png, Crude Congestion is Resistance Up to 88.11

Prepared by Jamie Saettele

Crude is testing a trendline that dates to September. The 5 wave decline from 9284 gives scope to a 3 wave corrective advance. Former congestion in the 85.88-88.18 area is now resistance. The 20 day average reinforces resistance near the upper end of this region.

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