Wednesday, September 11, 2013

Crude Oil ~ 11 September 2013

Since my last update, which was quite a while back, crude oil has broken the triangle and rallied as high as $110.

110-115 is a strong resistance area and thus the sideways trading we've seen during the last weeks isn't surprising. I think that if oil doesn't drop below 98ish, there is a good chance to eventually break the resistance area and rally even higher.

(An updated Elliott wave count for the SPX will follow tomorrow before the market opens)

Author: Patrick Eugster