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Crude Continues to Crawl Higher – 8897 Defines Short Term Trend

Crude Continues to Crawl Higher – 8897 Defines Short Term Trend

2011-08-24 14:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_2_body_crude.png, Crude Continues to Crawl Higher – 8897 Defines Short Term Trend

Prepared by Jamie Saettele, CMT

Crude reversed right at its former 4th wave last week and the decline from 8897 is in impulsive fashion. As such, I do favor the downside and test of the low (7568). In the event of a collapse, the August 2010 low at 7075 and May 2010 low at 6718 becomes areas of interest. Exceeding 8897 would at least delay the bearish bias and shift focus to 9119 and 9347.

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Trend Strength (M,W,D) – 0, (3), 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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