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Crude Channel Resistance of Interest at Slightly Higher Levels

Crude Channel Resistance of Interest at Slightly Higher Levels

2012-07-02 20:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Channel Resistance of Interest at Slightly Higher Levels

Prepared by Jamie Saettele, CMT

The only day that comes close to crude’s 9.36% advance on Friday is 12/11/2008, when crude rallied 9.19%. That rally was retraced within 3 days and crude accelerated lower throughout the rest of December. It’s true that the largest rallies in the shortest amount of time tend to occur during bear markets. Structurally, the rally may compose the first of 3 legs higher that will test channel resistance. The 6/7 high at 87 crosses channel resistance on Thursday.

LEVELS: 7991 8084 8209 8439 8531 8700

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

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