Crude Weakness is Impulsive

240 Minute Bars

Prepared by Jamie Saettele, CMT

I wrote yesterday to “continue to look higher as long as price is above 99.60. A drop below there would negate the short term bullish structure.” Crude has dropped below 99.60 and the decline looks impulsive. As such, I favor the downside against 103.39. Trading above there would restore the original interpretation in which a larger correction is underway towards 107.57 (61.8% retracement).

Support/Resistance Index (M,W,D) – (3), 2, 1

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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.