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Crude Swings Violently in Range

Crude Swings Violently in Range

2011-12-13 16:50:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Swings Violently in Range

Prepared by Jamie Saettele, CMT

Since the November high, crude has traded sideways, suggesting that another high may be in store. Support was strong last week ahead of the 200 day average and a short term resistance line (extended off of the November and December highs) is just above current price. Trading through 10338 would likely see an extension towards 10450. Use last week’s low at 9740 as the pivot.

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