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Crude Rejected at 1Q Swing Lows

Crude Rejected at 1Q Swing Lows

2012-08-24 12:43:00
Christopher Vecchio, CFA, Senior Strategist
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Daily Bars

eliottWaves_oil_body_Picture_1.png, Crude Rejected at 1Q Swing Lows

Prepared by Christopher Vecchio, Currency Analyst

Crude Oil’s advance of nearly 15% off of the late-June lows has reached a point of technical exhaustion, with the daily RSI reaching overbought levels as price entered former zones of consolidation/swing lows, from back in the first quarter and early-November 2011. Accordingly, a pullback is expected to materialize. Near-term support comes in at 92.50, 89.50, and 86.80. Resistance comes in at 98.25 (August high), 100.90/101.00 (April swing lows), and 103.25/30.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

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