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Crude Dip Would Offer Opportunity to Buy

Crude Dip Would Offer Opportunity to Buy

2012-02-16 23:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_oil_body_crude.png, Crude Dip Would Offer Opportunity to Buy

Prepared by Jamie Saettele, CMT

Crude is tracking the triangle pattern. “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).” Weakness from the current level would compose wave E (final leg of the triangle) and offer an opportunity to get long for the eventual breakout. Support is 100 and 98.

Bottom Line – flat

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