Crude Rally From November is Corrective; Price Nears ST Support
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-The rally in Crude from the Nov low is corrective (3 waves), further bolstering the longer term bearish argument. The impulsive decline from the 12/27 high is also suggestive of bearish conditions.
-The market is once again nearing long term channel support. Near term support does extend to 92.38. Watch for a recovery to return to the short side. 96.19 is possible resistance.
Trading Bias: Flat
LEVELS: 91.23 91.74 92.38 | 94.56 95.31 96.19
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.