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Crude Reverses Sharply – Look Towards 8300

Crude Reverses Sharply – Look Towards 8300

2011-10-20 14:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Reverses Sharply – Look Towards 8300

Prepared by Jamie Saettele, CMT

After breaking above the resistance line that defines the trend from the May high, crude reversed and near term focus is on the recent pivot low and 20 day average just above 8300. There are several patterns that could be forming since the August low but the best description of the market since then is range within a larger downtrend. Currently at the top of the range, the reward/risk balance favors shorts.

Trend Strength (M,W,D) – (1), 0, 1

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