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Crude Support Expected Under 105

Crude Support Expected Under 105

2012-02-22 00:04:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_oil_body_crude.png, Crude Support Expected Under 105

Prepared by Jamie Saettele, CMT

The rally from the 2/2 low is unfolding in an impulsive manner. Allow for weakness, albeit in a correction, towards 104.55 (watch the short term channel) before the next leg higher towards the round figure of 110 and ultimately the 2011 high near 115 (there are certain to be dips along the way, which I’ll look to identify).

Bottom Line – Allow for a dip then higher

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