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Crude Dips Continue to be Bought

Crude Dips Continue to be Bought

2012-10-18 00:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Dips Continue to be Bought

Prepared by Jamie Saettele, CMT

The 10/15 low is viewed as the latest pivot so respect potential for a return to 9400 and perhaps the 61.8% retracement of the decline from 10040 at 9553. However, new longs at the top of the range (current level) aren’t wise given current range conditions. I don’t see a trade here.

LEVELS: 8795 8976 9133 9363 9450 9553

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

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