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Crude Threatening Fresh Highs

Crude Threatening Fresh Highs

2012-01-10 23:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_oil_body_crude.png, Crude Threatening Fresh Highs

Prepared by Jamie Saettele, CMT

Crude’s reversal yesterday at late December resistance (now support) continued today and price is threatening to take out the 1/4 high. We refrained from turning bearish due to the inability of price to break below the 1/3 low and so far that decision has served us well. Price is at support now and exceeding 10371 would shift focus to pivots from May at 10487 and 10654.

Bottom Line – flat

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