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Crude Rallies in Wedge Pattern – 8815 is Resistance

Crude Rallies in Wedge Pattern – 8815 is Resistance

2011-08-18 16:15:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_2_body_crude.png, Crude Rallies in Wedge Pattern – 8815 is Resistance

Prepared by Jamie Saettele, CMT

“Having reached 8816, expectations are for a top. The wedge pattern is typical of a dead cat bounce.” Crude channels in a corrective manner from the May high and the decline consists of roughly 2 equal legs. A test of the low may give way to a larger correction back to 90. In the event of a collapse, the August 2010 low at 7075 and May 2010 low at 6718 becomes areas of interest.

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Trend Strength (M,W,D) – 0, (2), 0

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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.

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