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Crude Rallies off of Channel Support

Crude Rallies off of Channel Support

2016-07-12 19:51:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Crude Rallies off of Channel Support

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update noted that “the break below 45.82 delays the constructive outlook. The measured target from this breakdown is 41.12, which is just under a chart level at 42 (March 2015 low and March 2016 high). Pay attention to possible parallel channel support just under 44.” Crude found support at the noted parallel channel support (although above 44 since the line wasn’t reached for a few days until after the break). A broader top could still be unfolding given the importance of 51-52.

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