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Crude Rally From November is Corrective; Price Nears ST Support

Crude Rally From November is Corrective; Price Nears ST Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_oil_body_Picture_2.png, Crude Rally From November is Corrective; Price Nears ST Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-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.

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