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Crude Eyes Early Year Bullish Break

Crude Eyes Early Year Bullish Break

2012-01-03 18:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_oil_body_crude.png, Crude Eyes Early Year Bullish Break

Prepared by Jamie Saettele, CMT

“The decline in crude from 10333 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.” Risk on longs can be moved to the most recent pivot low at 9829. A break above 10338 would shift focus to an extension at 10750.

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