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Crude Strengthens but Faces Channel Resistance

Crude Strengthens but Faces Channel Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Strengthens but Faces Channel Resistance

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.” Crude did take out April’s high and did reach the confluence of channel resistance and the 100% extension of the rally from the low. A push above channel resistance is needed to get excited about the bullish prospects. Of note is the tendency in 2012 for crude to strengthen on the first day of the month (denoted my magenta bars) before reversing.

Bottom Line (next 5 days) – ?

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