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Crude Inches Towards Top of Range

Crude Inches Towards Top of Range

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Inches Towards Top of Range

Prepared by Jamie Saettele, CMT

Crude has traded in a tight range and remains capped by trendline resistance and its 200 day average. The range may be another triangle in which case crude will see another leg higher. To review; “the congestion from 5/7-5/11 is of interest from 9521-9849. The upper end of this range is reinforced by the 61.8% retracement of the decline from the March high at 9782 and the 61.8% extension of the 7726-9321 rally (from 8684) at 9675. Near term triangle breakout objectives are 9570 and 9777. Crude has reached the latter objective and is also testing the top of May congestion and 61.8% retracement of the decline from the 2012 high.”

LEVELS: 9169 9393 9534 9760 9826 10065

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