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Crude Setback Would Present Long Setup

Crude Setback Would Present Long Setup

2011-12-21 18:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_oil_body_crude.png, Crude Setback Would Present Long Setup

Prepared by Jamie Saettele, CMT

The decline in crude from 10337 is in 3 waves and the rally from 9252 is impulsive. The combination of these 2 observations paints a bullish picture for crude as long as price is above 9252. Supports are 9680 and 9600 and a new high (above 10337) is expected after a near term setback.

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