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Crude Awaits Resolution of Range

Crude Awaits Resolution of Range

2011-12-14 16:47:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Awaits Resolution of 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 (being tested again). Trading through 10338 would likely see an extension towards 10450. A drop below 9500 would signal a downside resolution to the range and shift focus to former resistance from October at 8970.

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