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Crude False Breakdowns-Watch Channel Resistance

Crude False Breakdowns-Watch Channel Resistance

2011-09-13 14:47:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude False Breakdowns-Watch Channel Resistance

Prepared by Jamie Saettele, CMT

Crude continues to break its short term trendline support intraday before reversing. These false breaks may give way to a burst through the larger channel that extends off of the May and July highs. Still, that level is resistance and defines the larger trend,

Trend Strength (M,W,D) – (1), (1), 0

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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.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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