Crude Reverses From Fibonacci Extension: Resistance Near 90

Weekly Bars

Prepared by Jamie Saettele, CMT

Crude has reversed sharply from the 100% extension of the decline from the May high. Longer term focus is on lower levels, including the 2010 low at 67.17 and 161.8% extension at 59.76 but a sharper recovery is expected near term back to 88.16-89.63.

Trend Strength (M,W,D) – 0, (2), (2)

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Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market.  Send requests to receive his reports via email to jsaettele@dailyfx.com.