Crude Plunges to 2011 Low – Measured Level at 75.46
Prepared by Jamie Saettele, CMT
“Crude has broken below a short term support line and the decline from 100.59 is in 5 waves. The implications are for extended weakness…currently below the 200 day average, there is potential for a sharp decline.” Crude dropped to a 2011 low today and focus is now on the 100% extension at 75.46m the May 2010 low at 67.18 and the 161.8% extension at 59.93. Rallies will unfold of course and resistance is 89.50 and 91.20.
Trend Strength (M,W,D) – 0, 0, (2)
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 firstname.lastname@example.org.
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