Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account

Resources

Crude Rallies into Resistance from Short Tem Channel

By , Sr. Technical Strategist
06 June 2012 21:56 GMT

Daily Bars

eliottWaves_oil_body_crude.png, Crude Rallies into Resistance from Short Tem Channel

Prepared by Jamie Saettele, CMT

“Markets don’t move in straight lines and yesterday’s key reversal may be the beginning of a corrective advance back towards 8584-8725.” Crude made it to 8624 today, which is also short term channel resistance. What’s more, the rally from the low is in 3 waves, which leaves crude vulnerable from current levels.

LEVELS: 8225 8330 8451 8624 8725 8824

provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from

06 June 2012 21:56 GMT