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Crude at Highest Level Since May

Crude at Highest Level Since May

2012-02-24 14:13:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude at Highest Level Since May

Prepared by Jamie Saettele, CMT

“The rally from the 2/2 low is unfolding in an impulsive manner and is likely to test 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).” Price was up for the 8th consecutive day today, which has occurred just 8 other times in the last 10 years. The previous 8 instances led to additional strength over the next several days (these streaks have occurred during ‘blow off’ type markets). Identifying support in a runaway market is difficult because the dip that one wants to buy never comes. 10766 and 10670 are supports in any case.

Bottom Line – higher?

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