Crude Crawls Higher as Longer Term Channel Resistance Fails
Prepared by Jamie Saettele, CMT
Crude has broken above the resistance line that defines the trend from the May high. There are several patterns that could be forming since the August low but the best description of the market since then is range within a larger downtrend. The break above the long term channel hints that the downtrend may be complete however. Bulls are in control as long as price is above yesterday’s low of 8557. The next upside levels of interest are 9051 and 9353.
Trend Strength (M,W,D) – (1), 0, 1
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.