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Crude Bounces but Damage is Done

Crude Bounces but Damage is Done

2012-09-20 22:32:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Bounces but Damage is Done

Prepared by Jamie Saettele, CMT

Crude found low today just shy of the 7/30 high. The bounce is encountering intraday pivots from Wednesday at 9316/39. The decline is unfolding in an impulsive manner but don’t try and get cute when trading crude. This market tends to extend quickly. I’m bearish against 9646.

LEVELS: 8690 8896 9085 9339 9508 9646

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