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Crude Threatens July High

Crude Threatens July High

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Threatens July High

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 2nd standard deviation Bollinger band has turned strength since the top in March. If the July high gives way, then focus would shift to the 5/29 high at 9216.

LEVELS: 8646 8695 8759 8896 9090 9216

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