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Crude Sharp Trendline Gives Way

Crude Sharp Trendline Gives Way

2012-01-23 22:05:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_oil_body_crude.png, Crude Sharp Trendline Gives Way

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. Price has dropped below trendline support and is at resistance from the 1/19 and 1/18 lows. The downside is favored against the 1/4 high (10371).

Bottom Line – short, stop 10375, target open

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