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Crude Spikes into 2012 Low

Crude Spikes into 2012 Low

2012-05-07 22:04:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Spikes into 2012 Low

Prepared by Jamie Saettele, CMT

After dropping over $10 since the May 1 high, expect some corrective action…in both time and price. Resistance is 9865 and 10065 (50% retracement of drop from May 1 high is just above there). The next level of interest on the downside is the December low at 9251 (spot).

Ideas:

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