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Crude Struggles at Channel Resistance

Crude Struggles at Channel Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-The line off of the 1998 and 2001 lows has proved itself with crude following through on last week’s key reversal. However, the rally has stalled at the confluence channel resistance that dates to October and December congestion lows.

- Crude has traded well over the last few days but the next move is far from clear. Traction over the mentioned channel line is needed to indicate a more important behavior change.

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