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Crude Soars – Resistance is above 105.19

Crude Soars – Resistance is above 105.19

2011-05-31 15:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_2_body_crude.png, Crude Soars – Resistance is above 105.19

Prepared by Jamie Saettele, CMT

“The break higher may be from a wave b of B triangle. The implications are for a sharp c of B rally (to complete wave B) towards 105.06. I would be a seller in the event of a rally to there.” Continue to look higher.

Support/Resistance Index (M,W,D) – (9), 1, 2

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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.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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