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Crude Support at 101-102

Crude Support at 101-102

2011-03-23 14:42:00
Jsaettele,
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60 Minute Bars

eliottWaves_oil_2_body_crude.png, Crude Support at 101-102

Prepared by Jamie Saettele

The uptrend remains intact as long as price is above 9700. However, the decline from the high does possess impulsive characteristics. 104.19 (former pivot high) is acting as resistance now and a decline from current levels would give scope to formation of a short term head and shoulders top. Short term support is 101-102.

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