Technicals | Jul 06 2011
Crude Breaks Trendline Resistance – Suggest That Decline Is Complete
By Jamie Saettele
Daily Bars
Recent comments were “favor the downside as long as price is below the trendline.” Crude has blasted through its trendline (and 20 day average), which leaves weakness from the May high as a 3 wave correction. The implications are bullish as long as the recent low holds (89.55). A small 2nd wave correction may be complete at 93.45. The next levels of interest on the upside are 99.68 and 100.34 (100% extension and 6/15 high).
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