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Crude Riding Channel Support Lower

Crude Riding Channel Support Lower

2012-04-09 12:23:00
Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Riding Channel Support Lower

Prepared by Jamie Saettele, CMT

Crude has held channel support but the break of the March range 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. 10340 is resistance.

Bottom Line (next 5 days) – lower

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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