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Crude Rebound Encounters Former Support at 92.00

Crude Rebound Encounters Former Support at 92.00

2013-03-07 22:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Rebound Encounters Former Support at 92.00

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: “Crude has reached a level that may prove difficult to break. The level in question is defined by the 61.8% retracement of the rally from November’s low, resistance throughout November and early December, and the trendline that extends off of the June and December 2012 lows. Resistance is now 92.” In light of other USD patterns, especially EURUSD, I’m wondering if the rally on 2/13 was a truncation. If it is, then the decline from the level is a clean impulse (5 waves) and a countertrend rally is underway….probably towards 94.43/94 (former 4th wave extreme, 61.8% retracement, 2/11 low).

Commodity Trading Strategy: Looking to short above 94.00.

LEVELS: 87.94 89.33 90.25 92.00 93.40 9440

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