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Crude Still Pinned at Lower End of Range

Crude Still Pinned at Lower End of Range

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Still Pinned at Lower End of Range

Prepared by Jamie Saettele, CMT

Crude reversed just above the 50% retracement of Monday’s drop today. Resistance extends to 8450/60 (61.8% and Monday intraday pivot). I’ve no idea if crude will extend the decline that already seems stretched but the recent bounce and any bounces into mentioned resistance offer an opportunity to align with the downtrend against 87 (these are spot prices). In extremely sharp downtrends, it’s worth pointing out that RSI doesn’t get much above 30.

LEVELS: 7900 8000 8105 8394 8450 8585

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