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Crude Reaches Former Suppor at 9700

Crude Reaches Former Suppor at 9700

2011-03-15 14:36:00
Jsaettele,
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Daily Bars

eliottWaves_oil_2_body_crude.png, Crude Reaches Former Suppor at 9700

Prepared by Jamie Saettele

Crude has reached support from former resistance at 97.00. 94.84-95.12 (61.8% retracement and 50 day average) is also potential support. However, beware of an accelerated decline as a 3rd wave may be underway from 101.89. With a record number of speculative long futures contracts recorded last week, it is not wise to dismiss bearish potential.

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