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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

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