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Crude Panic Decline Nearly Reaches 200 day Average

Crude Panic Decline Nearly Reaches 200 day Average

2011-05-06 21:52:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Candles

eliottWaves_oil_2_body_crude.png, Crude Panic Decline Nearly Reaches 200 day Average

Prepared by Jamie Saettele, CMT

Crude’s collapse nearly reached the 200 day SMA but the bounce is already impressive. The sharp decline will probably needs to be corrected by both price and time so look higher on balance over the next week towards 10326 and 10587 (former lows).

Support/Resistance Index (M,W,D) – (6), (8), (6)

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market.  Send requests to receive his reports via email to jsaettele@dailyfx.com.

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