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Crude Reverses from Well-Defined Technical Level

Crude Reverses from Well-Defined Technical Level

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Reverses from Well-Defined Technical Level

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

Commodity Analysis: “The decline from 97.65 is in 5 waves so expect the advance to prove corrective. 94.80-95.74 is resistance.” The top came in yesterday at 94.79 and the decline from level appears impulsive as well. The implications are bearish below 94.79, for a break below 91.95 and possibly an extended decline.

Commodity Trading Strategy: Short order at 94.00, stop 95.00, target < 91.95

LEVELS: 90.25 91.15 92.98 94.10 94.80 95.47

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