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Crude Range Tightens

Crude Range Tightens

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Range Tightens

Prepared by Jamie Saettele, CMT

Crude stalled after retracing a bit more than half of the decline from the 2012 high. Daily RSI is at a level consistent with an important top but the structure of weakness from last week’s high doesn’t inspire much confidence in the downside. The decline, in 3 waves, suggests that we could see new highs.

LEVELS: 9060 9170 9230 9473 9521 9782

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