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Crude Plunges Below 100

Crude Plunges Below 100

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_oil_body_crude.png, Crude Plunges Below 100

Prepared by Jamie Saettele, CMT

Crude has plunged through 100 in late day trade and also to a new low for the month (and year) in the process. This may seem insignificant but it’s not. This drop to a new January low leaves the high as the second day of the month and early month price extremes (first few days) are statistically significant. Currently testing support from the 20 day average, 100 and 10050 are now resistance. The next downside levels of interest are 9830 and 9620.

Bottom Line – sell rallies into 10000/50, stop 10350, target open

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