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Crude Extends Weakness into 8/10 Low

Crude Extends Weakness into 8/10 Low

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Extends Weakness into 8/10 Low

Prepared by Jamie Saettele, CMT

I wrote yesterday that “the sharp decline in crude does suggest that last week’s break did complete a triangle thrust and that at least a correction of the advance from the June low is underway. Near term, crude’s decline is unfolding in an impulsive (5 waves) manner and shorts are warranted on strength above 9719 (resistance).” Crude never actually reached 9719 Wednesday with the high coming in overnight trading at 9646. Crude’s already reached the 8/10 low and former resistance from the 7/30 high is in sight at 9085. Important support has been broken (8/30 low) and strength should be sold against 9646. Resistance is 9339.

LEVELS: 8690 8896 9085 9339 9508 9646

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