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Crude Sending Mixed Signals after Recent Volatility

Crude Sending Mixed Signals after Recent Volatility

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Sending Mixed Signals after Recent Volatility

Prepared by Jamie Saettele, CMT

“After falling short of the 86/10/84 objective, crude roared Thursday and completely erased Wednesday’s decline. The advance is the 4th largest of the year, behind 6/29, 7/3, and 8/3 (circled). The 6/29 and 8/3 rallies kick started larger advances. 7/3 gave way to consolidation but the low of that day remained intact. Thursday’s range can be used as a reference point to determine a bias.” Friday and Monday trading took place within Thursday’s range thus the bias remains neutral.

LEVELS: 8363 8610 8766 9180 9330 9553

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