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Crude at Trendline Support

Crude at Trendline Support

2012-01-16 17:34:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_oil_body_crude.png, Crude at Trendline Support

Prepared by Jamie Saettele, CMT

Last week’s 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 trendline, support, expect resistance at 10020/50. The 200 day average at 9646 is the next potential support.

Bottom Line – sell rallies into 10020/50, stop 10375, target open

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