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Crude Action Remains Constructive in Near Term

Crude Action Remains Constructive in Near Term

2012-10-16 21:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Action Remains Constructive in Near Term

Prepared by Jamie Saettele, CMT

My most recent comment was that “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.” Crude fell but reversed sharply at the 61.8% retracement of the rally from 8766 yesterday. The reaction suggests that bearish now is wrong, that market will return to 9400 and perhaps test the 61.8% retracement of the decline from 10040 at 9553.

LEVELS: 8795 8976 9133 9363 9450 9553

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