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Crude Eyes Lows and Bearish Continuation

Crude Eyes Lows and Bearish Continuation

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Eyes Lows and Bearish Continuation

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.” The 10/15 gave way today and crude is at the bottom of the range (for October). Those bent on trading crude can use Monday’s high as a level to hold a bearish bias against for a break to lower levels but crude’s false break tendencies make me gun shy.

LEVELS: 8550 8684 8795 8983 9064 9125

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