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Crude at Short Term Support Line-Favor a Break

Crude at Short Term Support Line-Favor a Break

2011-09-05 13:43:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_2_body_crude.png, Crude at Short Term Support Line-Favor a Break

Prepared by Jamie Saettele, CMT

“Consecutive dojis in crude suggest lower prices ahead at least over the next few days. Structure from the August low is identical to that of the S&P and NZDUSD (and similar to the AUDUSD, which is not as ‘clean’).” At least one more decline is expected as per the above wave count. Eventual supports are the August 2010 low at 7075 and May 2010 low at 6718.

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Trend Strength (M,W,D) – (1), (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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