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Crude Bouncing Between Bollinger Bands

Crude Bouncing Between Bollinger Bands

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Bouncing Between Bollinger Bands

Prepared by Jamie Saettele, CMT

“It’s true that the largest rallies in the shortest amount of time tend to occur during bear markets. Structurally, the rally may compose the first of 3 legs higher that will test channel resistance.” Crude reversed quickly after testing the 38.2% retracement of the decline from 10643 last week. A 38.2% retracement is consistent with a 4th wave, which would imply a drop below 7726 in the coming weeks. 8084 and 8209 are interim supports this week.

LEVELS: 8084 8209 8400 8700 8800 8900

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