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Crude Rallies into top of May Congestion

Crude Rallies into top of May Congestion

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Rallies into top of May Congestion

Prepared by Jamie Saettele, CMT

I had speculated that “the range may be another triangle in which case crude will see another leg higher.” This is an interesting level to be sure with crude trading through the trendline that extends off of the March and May highs and resting right at the top of May congestion and 61.8% retracement. With the USD vulnerable across the board (albeit after some consolidation of recent moves…maybe), a test of 10065 probably isn’t far off.

LEVELS: 9604 9649 9735 9826 10065 10181

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

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