Crude Closes Below Trendline off of 2012 Lows
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 closed below long term channel support. Price is at possible support from the 11/27 close (92.38). Any recovery will be examined for short opportunities. Keep 95.60-96.20 in mind as resistance.
Trading Bias: Flat
LEVELS: 89.33 90.09 91.23 | 93.84 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.