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Crude 9500-9600 is Probably Strong Resistance

Crude 9500-9600 is Probably Strong Resistance

2012-10-01 21:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude 9500-9600 is Probably Strong Resistance

Prepared by Jamie Saettele, CMT

“The sharp rebound in crude today is probably the beginning of a multiday advance that serves to correct the sharp decline from the September high. Expect resistance from the 38.2% retracement and 9/21 high at 9332/81 and the 61.8% retracement at 9602. While we don’t know what will happen of course, it is possible that the decline from the top composes 5 waves with an extended 5th wave. An extended 5th wave is often succeeded by a return to wave 2 of 5 (9646 in this case), which is close to 9602 (61.8%).” Initial resistance has been reached but a rally into 9600 remains possible. 9500 is also of interest as the 100% extension of the rally from 8894.

LEVELS: 86.84 88.94 91.25 93.81 94.99 96.02

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