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Crude Breaks Month Long Consolidation

Crude Breaks Month Long Consolidation

2012-03-29 23:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Breaks Month Long Consolidation

Prepared by Jamie Saettele, CMT

Crude finally made a move and broke its month long consolidation before finding support just above 10200. I’d like to think that the break in crude is a precursor to a general USD bullish breakout. The next supports are 10120 and 9630. 10360 and 10520/70 are resistance going forward.

Bottom Line (next 5 days) – sideways/lower

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