Daily Bars

eliottWaves_oil_body_crude.png, Crude Rallies into Resistance from Short Tem Channel

Prepared by Jamie Saettele, CMT

“Markets don’t move in straight lines and yesterday’s key reversal may be the beginning of a corrective advance back towards 8584-8725.” Crude made it to 8624 today, which is also short term channel resistance. What’s more, the rally from the low is in 3 waves, which leaves crude vulnerable from current levels.

LEVELS: 8225 8330 8451 8624 8725 8824