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Crude Former Resistance Line May Offer Support Here

Crude Former Resistance Line May Offer Support Here

2013-02-25 00:24:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Former Resistance Line May Offer Support Here

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Commodity Analysis: “Focus shifts to bearish targets, which are determined by extending the width of the recent range by the range low (breakout level) and Fibonacci multiples of the range low. The math reveals objective on the chart. The most significant is probably the 2.618 target, which is within 20 cents of the 61.8% retracement of the rally from 8404.” The current level, defined by a former resistance line, may provide support for a relief rally but expect resistance from the Monday high if reached at 9443.

Commodity Trading Strategy: Short, targeting 8970 but the emotional nature of today’s decline warns of a short term extreme.

LEVELS: 8965 9031 9151 9294 9345 9443

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