Crude Explodes off of 200 day Average

240 Minute Bars

Prepared by Jamie Saettele, CMT

Crude held channel support and rallied over 2% today. Action has been incredibly choppy since the January high but the series of lower highs is intact as long as price is below 10139. That said, the sideways pattern since November may take the form of a triangle. If so, then expect additional range trading between the current level and 10200 before an upside break (above 10390).

Bottom Line – flat