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Crude 9700 is Likely Support

Crude 9700 is Likely Support

2011-03-10 15:56:00
Jsaettele,
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60 Minute Bars

eliottWaves_oil_2_body_crude.png, Crude 9700 is Likely Support

Prepared by Jamie Saettele

In the face of extreme media coverage, crude appears to have made some sort of spike high. Barring an impulsive decline from 106.95, the next level of interest on the upside is the August 2007 high at 113.75, which is just below the measured objective of 116.60. Near term, 97.16 is of particular interest. This is the 50% retracement of the rally from 87.36 and former resistance (circled).

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