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Crude Sinks to Early August Levels

Crude Sinks to Early August Levels

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Sinks to Early August Levels

Prepared by Jamie Saettele, CMT

“Failure for the 3rd consecutive day is enough to be bearish against the Monday high. Exceeding that level would bring 9600 back into play.” Crude plunged today and the target area of 86.10 has nearly been reached. To review, the 61.8% extension of the rally from the June low and 7/25 low define the target area at 86.10/84. Interestingly, the 61.8% extension of the 100.40-88.94 decline is also at 86.23. Resistance is now 89.46/88 (spot prices).

LEVELS: 84.75 86.10/84 87.66 89.46 90.20 91.05

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