Crude Fails to Crack Channel but Former Highs Now Support
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 bullish prospects.