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Crude Resistance is Closer to 8600

Crude Resistance is Closer to 8600

2012-06-05 22:34:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Resistance is Closer to 8600

Prepared by Jamie Saettele, CMT

Crude’s decline has been nothing short of breathtaking. As mentioned many times in these technical pages, crude has served as a leading indicator and the ‘tell’ that global growth is slowing significantly. Even so, markets don’t move in straight lines and yesterday’s key reversal may be the beginning of a corrective advance back towards 8584-8725. 8265 is near term support.

LEVELS: 8119 8265 8330 8584 8725 8824

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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