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Crude Reverses Sharply as 94 Does it Again

Crude Reverses Sharply as 94 Does it Again

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Reverses Sharply as 94 Does it Again

Prepared by Jamie Saettele, CMT

Crude’s sharp rally failed just shy of 94.00, which is clearly an important level. The 8/30 and 9/7 lows, and 9/21 high are at 93.93, 94.08, and 93.81. Today’s rally reversed just shy of the zone at 93.63. Once again, crude also failed to close above the 38.2% retracement of the decline from 100.40. Another run on resistance can’t be ruled out of course but the weight of evidence is bearish.

LEVELS: 8795 8928 9064 9234 9363 9450

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