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Crude Spikes through 100

Crude Spikes through 100

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_oil_body_crude.png, Crude Spikes through 100

Prepared by Jamie Saettele, CMT

After spiking through 100, crude reversed to close over $1 from its high. “Action has been incredibly choppy since the January high but the series of lower highs is intact as long as price is below 10139. That said, the sideways pattern since November may take the form of a triangle. If so, then expect additional range trading between the current level and 10200 before an upside break (above 10390).”

Bottom Line – flat

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.