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Crude Drops Through Trendline Support

Crude Drops Through Trendline Support

2012-01-06 19:05:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_oil_body_crude.png, Crude Drops Through Trendline Support

Prepared by Jamie Saettele, CMT

I wrote yesterday that “patterns across the FX space, metals, and stocks are bearish at the current junctures. I am respecting today’s crude reversal.” Crude has extended yesterday’s weakness and dropped below the short term support line. A drop below 9965 (1/3 low) would trigger a bearish bias towards the December low of 9275.

Bottom Line – flat

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