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Crude March Consolidation Awaits Resolution

Crude March Consolidation Awaits Resolution

2012-03-26 21:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude March Consolidation Awaits Resolution

Prepared by Jamie Saettele, CMT

The larger trend should be considered up as long as price is above 10378 but action in March suggests formation of a top. The month to date high was on the first day of the month (bearish) and the 20 day average has rolled over (negative slope). 10378 is reinforced by the trendline that extends off of the October and February lows which would make a break all the more impressive.

Bottom Line (next 5 days) – ?

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