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Crude Near Term Resistance Extends to 108

Crude Near Term Resistance Extends to 108

2012-03-08 00:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_oil_body_crude.png, Crude Near Term Resistance Extends to 108

Prepared by Jamie Saettele, CMT

“The March 1 spike into 110.00 completed at least 5 waves up from the 2/2 low and maybe 3 waves up from the 2011 low. Near term implications are for weakness towards 104.60 and 103.00.” I wrote yesterday that “crude’s decline reversed just below the former 4th wave low, which is enough evidence to turn bullish again (against 104.34).” FX charts suggest USD strength Friday which would fit with a crude selloff in order to complete 3 waves down from 110.53. The bullish outlook is at minimum delayed.

Bottom Line (next 5 days) – sideways?

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