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Crude 8100-8150 a Zone of Interest

Crude 8100-8150 a Zone of Interest

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude 8100-8150 a Zone of Interest

Prepared by Jamie Saettele, CMT

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. The 20 day average near 8300 is interim support but focus is towards the 100% extension of the 8896-8400 decline at 8150 and former resistance at 8084.

LEVELS: 8084 8150 8299 8460 8590 8646

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