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Crude Measured Move at 7500

Crude Measured Move at 7500

2012-06-25 20:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_oil_body_crude.png, Crude Measured Move at 7500

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.” One certainly can’t dismiss a near term recovery given that spot is testing a multiyear head and shoulders neckline. Resistance is 8100-8250.

LEVELS: 6714 7494 7753 8100 8203 8250

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