Crude Bouncing – Could Get Back to 95.70

60 Minute Bars

Prepared by Jamie Saettele, CMT

Crude has nearly reached the February low (2011 low) of 89.55 and additional weakness would shift focus to the 100% extension of the decline from 115.68, at 82.63. Near term, it is possible that the recent plunge completed a small 5th wave within the decline from 102.83. The implications are for a move back to 95.70 before the potential for additional weakness.

Trend Strength (M,W,D) – 0, (1), (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.