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Crude Thursday Low Serves as Short Term Pivot

Crude Thursday Low Serves as Short Term Pivot

2012-07-25 20:41:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Thursday Low Serves as Short Term Pivot

Prepared by Jamie Saettele, CMT

“When new information arises, it’s foolish not to pay attention to it. Today’s outside reversal (same as AUDUSD) in front of the 20 day average is new information and ‘reverses the reversal’. Focus is back on the 100% extension of the rally from 7726 at 9521.” Crude is constructive as long as price is above 8803. A drop below 8803 would leave the advance from 8685 as a corrective 3 wave rally.

LEVELS: 8684 8803 8876 9091 9321 9521

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

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