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Crude Breaks Trendline Support

Crude Breaks Trendline Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Breaks Trendline Support

Prepared by Jamie Saettele, CMT

I was looking for a test of 9521 (confluence of extension and former pivot) and/or channel resistance closer to 9700 before the turn but today’s decline and break of trendline support is consistent with formation of an important high. Daily RSI rolling over from below 70 also fits within the framework of a larger bear market. Resistance is above 8975.

LEVELS: 8363 8646 8759 8880 8975 9090

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