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Crude Inside Day at Resistance Presents Reversal Setup

Crude Inside Day at Resistance Presents Reversal Setup

2012-08-09 22:45:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Inside Day at Resistance Presents Reversal Setup

Prepared by Jamie Saettele, CMT

Today’s inside day presents a bearish reversal setup against Thursday’s high. “Crude has now retraced a bit more than half of the decline from the 2012 high. I wrote yesterday that “a lack of ‘reliable’ RSI divergence with momentum on intraday plots keeps me from calling a top at the current level and does suggest that price may grind higher still. I am of the mind however that the long term trend is down and that gains from here likely face headwinds near 9800.” ‘Reliable’ divergence is now evident on the 60 minute chart and increases the probability that price has seen a near term top. Daily RSI is actually at a level consistent with a more important top.”

LEVELS: 9060 9170 9230 9473 9521 9782

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