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Crude Reverses Sharply from Lowest Level Since April 2009

Crude Reverses Sharply from Lowest Level Since April 2009

2011-10-05 15:13:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Reverses Sharply from Lowest Level Since April 2009

Prepared by Jamie Saettele, CMT

Crude staged a sharp reversal along with the rest of ‘risk’ yesterday. The reversal idea is bolstered by RSI divergence on the daily and the fact that the decline from the May high consists of 2 equal waves. At minimum, a bounce is expected. The structure of the advance should offer insight into the staying power of the bull. 8320 is resistance going forward.

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

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