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Crude Soars-Objectives above 110

Crude Soars-Objectives above 110

2011-03-31 15:41:00
Jamie Saettele, CMT, Sr. Technical Strategist
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120 Minute Bars

eliottWaves_oil_2_body_crude.png, Crude Soars-Objectives above 110

Prepared by Jamie Saettele

Crude has exploded higher and trading above 107.73 would open the door for as high as 112.39 (100% extension of rally from 97.00) and probably quickly. Corrective channel resistance is at 114 this week and the longer term measured objective is at 117.38 (100% extension of rally from February 2009 low).

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