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Crude in a Violent Range-Support is Under 100

Crude in a Violent Range-Support is Under 100

2012-01-11 00:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_oil_body_crude.png, Crude in a Violent Range-Support is Under 100

Prepared by Jamie Saettele, CMT

Crude has been swinging violently in a little more than 3 dollar range since 1/4. Such action is typical of a triangle or flat. In the case of a triangle, the range will contract over the next week before an upside break. In the case of a flat, crude will probably slip below 100 before reversing higher.

Bottom Line – flat

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