Crude Spike Low May Have Completed Correction
240 Minute Bars
Prepared by Jamie Saettele, CMT
I wrote yesterday that “the implications are for a drop below 104.34 and extension into 10200/50 (10250 is former resistance and 102.00 is where the decline would consist of 2 equal legs.” Crude spiked below 104.34 on bearish news before fully retracing the spike. Turns in this market tend to occur in that fashion; the high on March 1st was on supposedly bullish news. Still, having failed to reach our 102.00/50 objective, only turn bullish on a move through 108.20.
Bottom Line (next 5 days) – bottoming?
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