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Crude Bounces from 7 Month Low

Crude Bounces from 7 Month Low

2012-05-24 15:53:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Bounces from 7 Month Low

Prepared by Jamie Saettele, CMT

“Look lower against 9331 towards September resistance at 9049 and the 11/1/11 low at 8915. Exceeding 9331 would give scope to additional strength towards 9521 and 9749. As is the case in other markets (notably EURUSD and NZDUSD), the base channel should watched for resistance in the future.” 8915 was nearly reached and most of yesterday’s decline has been retraced. This type of action (test of a level and quick rejection) tends to signal the beginning of a correction. 9331 and 9521 now become resistance.

LEVELS: 9521 9331 9170 8915 8661 8421

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