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Crude Nears Channel Resistance

Crude Nears Channel Resistance

2012-02-09 23:39:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_oil_body_crude.png, Crude Nears Channel Resistance

Prepared by Jamie Saettele, CMT

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

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