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 Rejected at 1Q Swing Lows

Crude Rejected at 1Q Swing Lows

Christopher Vecchio, CFA, Senior Strategist

Daily Bars

eliottWaves_oil_body_Picture_1.png, Crude Rejected at 1Q Swing Lows

Prepared by Christopher Vecchio, Currency Analyst

Crude Oil’s advance of nearly 15% off of the late-June lows has reached a point of technical exhaustion, with the daily RSI reaching overbought levels as price entered former zones of consolidation/swing lows, from back in the first quarter and early-November 2011. Accordingly, a pullback is expected to materialize. Near-term support comes in at 92.50, 89.50, and 86.80. Resistance comes in at 98.25 (August high), 100.90/101.00 (April swing lows), and 103.25/30.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, send an e-mail with subject line "Distribution List" to

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