Weekly Bars
Prepared by Jamie Saettele, CMT
Keep abreast of the longer term picture in Crude, which is quite clear. The rally from the 2009 low is in 3 waves (which is corrective) and the 2 bull legs of the move are roughly equal. The decline from the ytd high is not impulsive but the drop could compose a series of 1st and 2nd waves. Resistance is at the 13 week average of 100.
Trend Strength (M,W,D) – 0, 0, 0
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.
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