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Crude Testing Support from Channel and Former Resistance

Crude Testing Support from Channel and Former Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Testing Support from Channel and Former Resistance

Prepared by Jamie Saettele, CMT

Crude took a dive today before bouncing from the confluence of channel support and former resistance. The channel that is drawn is a corrective channel and a break below would suggest that an impulsive decline is underway towards much lower levels. 10250/10300 is resistance.

Bottom Line (next 5 days) – sideways / lower?

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