News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Crude Slams into Channel Resistance and Former Pivot

Crude Slams into Channel Resistance and Former Pivot

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Slams into Channel Resistance and Former Pivot

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.” Crude has already tested channel resistance and the 6/7 high. The 38.2% retracement is at 8840.

LEVELS: 8209 8439 8531 8800 8926 9090

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