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Crude Resistance Now above 9300

Crude Resistance Now above 9300

2012-05-28 17:48:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Resistance Now above 9300

Prepared by Jamie Saettele, CMT

“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.” Structurally, a 4th wave may be in its early stages as the decline from the May 1 high is nearly exactly 1.618 x the decline from March 1 to April 10.

LEVELS: 8421 8661 8926 9200 9331 9413 9521

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