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Crude Recovers Nearly Half of Monday Decline

Crude Recovers Nearly Half of Monday Decline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Recovers Nearly Half of Monday Decline

Prepared by Jamie Saettele, CMT

After crude’s plunge (mostly late in the day) yesterday, I wrote that “I wouldn’t touch crude at these levels on either side but bounces into resistance at 82 and 83 would present opportunities to align with the bear trend against 8660 for an eventual test of the October low at 7494.” Crude retraced nearly half of Monday’s drop today. Resistance extends to 8450/60 (61.8% and Monday intraday pivot) and 8225 is now interim support. I’ve no idea if crude will extend the decline that already seems stretched but today’s bounce and any bounces into mentioned resistance offer an opportunity to align with the downtrend against 87 (these are spot prices).

LEVELS: 8000 8105 8225 8375 8450 8585

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

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