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Crude Trades Sideways after Snapping Back

Crude Trades Sideways after Snapping Back

2011-05-10 15:06:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_oil_2_body_crude.png, Crude Trades Sideways after Snapping Back

Prepared by Jamie Saettele, CMT

Crude’s collapse last week nearly reached the 200 day SMA. As mentioned on Friday – “the sharp decline 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).” The correction appears to be underway towards the mentioned levels.

Support/Resistance Index (M,W,D) – (9), (3), 0

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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