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Crude Retraces Portion of Wednesday Drop

Crude Retraces Portion of Wednesday Drop

2012-10-11 22:31:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Retraces Portion of Wednesday Drop

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 8989 9101 9363 9450 9553

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