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Crude Offerred at Former Support – Additional Resistance at 8540

Crude Offerred at Former Support – Additional Resistance at 8540

2011-09-28 14:53:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_oil_body_crude.png, Crude Offerred at Former Support – Additional Resistance at 8540

Prepared by Jamie Saettele, CMT

“Crude has already retraced over 50% of the decline from 9050 and additional resistance comes in at 8489-8540 (former support and 61.8% retracement of the decline). Wave structure is bearish as the rally from 9050 was 3 waves (corrective) and the decline from 9050 in 5 waves (impulsive). Look for a top. Objectives are the August and May lows at 7075 and 6716.”

Trend Strength (M,W,D) – (1), (2), (1)

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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 and follow hom on Twitter @JamieSaettele.

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

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