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Crude Channel Support Near 90

Crude Channel Support Near 90

2011-10-31 14:56:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Channel Support Near 90

Prepared by Jamie Saettele, CMT

Crude’s advance has stalled at the July low but the larger trend should be considered up given the break of the channel that had defined trend since May. Watch for support from former resistance at 8967 as well as the steep trendline. The next bullish objective is 9893.

Trend Strength (M,W,D) – (1), 1, 1

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