Crude Churning Below Long Term Trendline
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 has broken long term channel support. Price rebounded from the June 2013 low last week. Recent consolidation is still possible resistance from 93.19 to 94.56.
Trading Bias: Flat
LEVELS: 89.33 90.09 91.23 | 92.73 93.33 94.56
--- 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.