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Crude Exceeds May High as Extension Looms

Crude Exceeds May High as Extension Looms

2012-07-19 19:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Exceeds May High as Extension Looms

Prepared by Jamie Saettele, CMT

Several levels were identified early this week “9216 (5/29 high) and 9521 (100% extension and 5/9 low)” that are now in play. Crude blew by the 5/29 high and has seen a small reaction from near the 5/21 high (9331). Still, there is little reason to abandon the 9521 level. Channel resistance is at about 9657 tomorrow as well. In other words, continue looking higher. 9100-9220 is support.

LEVELS: 9034 9100 9220 9521 9657 9782

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

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