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Crude is Bullish on Dips

Crude is Bullish on Dips

2012-03-19 20:47:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_oil_body_crude.png, Crude is Bullish on Dips

Prepared by Jamie Saettele, CMT

Crude spiked below 104.34 on bearish news last to complete the 3 wave decline from above 110.00. I wrote last week that “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.” Crude has exceeded the mentioned 108.20 and more importantly rallied in impulsive fashion. Expect corrective weakness into 107.03.

Bottom Line (next 5 days) – sideways / higher?

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