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Crude Drops to Support from 20 day Average

Crude Drops to Support from 20 day Average

2011-12-08 17:31:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Drops to Support from 20 day Average

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 has tested and failed at 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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