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Crude Long Term Chart Highlights Importance of Current Level

Crude Long Term Chart Highlights Importance of Current Level

2012-01-24 23:50:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_oil_body_crude.png, Crude Long Term Chart Highlights Importance of Current Level

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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