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Crude Resistance at 104.50 in Event of New High

Crude Resistance at 104.50 in Event of New High

2011-12-05 15:50:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_oil_body_crude.png, Crude Resistance at 104.50 in Event of New High

Prepared by Jamie Saettele, CMT

“After exploding through the July high of 10057, crude reversed at the June high near 10330, forming a key reversal in the process. The key reversal and the excitement that surrounded the reversal suggests to me that the reversal is ‘for real’…” A look at the weekly reinforces my bearish interpretation. A weekly key reversal unfolded 2 weeks ago and this latest rally is testing the underside of former trendline support (now resistance). A new high would shift focus to a mid May pivot near 10450.

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