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Crude Spikes Through Channel and Fails….Again

Crude Spikes Through Channel and Fails….Again

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Spikes Through Channel and Fails….Again

Prepared by Jamie Saettele, CMT

Crude traded flat in April in what may be accumulation. Like gold, exceeding April’s high would put bulls firmly in control towards the tentative channel resistance above 10600. Of note is 20 day rate of change, which turned positive after Monday’s close. 10370 and 10275 are supports.

Bottom Line (next 5 days) – higher?

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