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Crude Breaks Lows-Nears Significant Trendline

Crude Breaks Lows-Nears Significant Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_oil_body_crude.png, Crude Breaks Lows-Nears Significant Trendline

Prepared by Jamie Saettele, CMT

“Quite simply, the sideways trade in crude since the 6/4 low (that low was pierced on 6/12) may be nothing more than a shallow correction before the next bear leg towards the October low at 7494. In fact, the width of the range (8105-8700) is about $6. The width of a range can be used to generate an objective once that range is broken. In this case, a break of 8105 would be expected to extend the width of the range, or $6. The objective would be 7505, which is of course in line with the October low.” There is no reason to change the outlook as crude broke lower today. A word of caution though; today was the 4th highest volume of the year for the futures contract (NYMEX). High volumes after extended declines sometimes indicate capitulation and the end of a move. Just be aware.

LEVELS: 7494 7713 8000 8203 8473 8550

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