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Crude Stabilizes at Channel

Crude Stabilizes at Channel

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Stabilizes at Channel

Prepared by Jamie Saettele, CMT

Crude has held channel support but the break of the March range last week and the full retracement of the 4/2 rally affords bearish undertones. 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. 10380 and 10450 are resistance.

Bottom Line (next 5 days) – lower

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