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Crude Decline Largest Since December 14th

Crude Decline Largest Since December 14th

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Decline Largest Since December 14th

Prepared by Jamie Saettele, CMT

Crude took out April’s high and reached the confluence of channel resistance and the 100% extension of the rally from the low. The failure at this level isn’t promising for bulls but the range is still intact. Early month action may be the beginning of something more bearish but a drop under 10065 is needed to break the range. Chasing within the range is never a good idea. 10340 is resistance.

Ideas:

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