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Crude Whipsaws but Breaks Channel Resistance

Crude Whipsaws but Breaks Channel Resistance

2011-10-21 15:16:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Whipsaws but Breaks Channel Resistance

Prepared by Jamie Saettele, CMT

After a false break earlier this week, crude is back above the resistance line that defines the trend from the May high which is a bullish development. Trading through 9051 would shift focus to a July pivot low at 9353. The near term trend is considered up as long as price is above 8421.

Trend Strength (M,W,D) – (1), 0, 0

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