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Crude Resistance from Near Term Channel

Crude Resistance from Near Term Channel

2016-08-09 19:17:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Crude Resistance from Near Term Channel

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update noted that “crude is trading around 42 (March 2015 low and March 2016 high) but I’m more inclined to pay attention to the well-defined channel lines. The upper bound suggests that resistance is near 43. The next chart level of interest on the downside is the Doha low (also the August 2015 low) at 37.59.” Crude has traded into and reversed lower from channel resistance. The action is viewed in a bearish light.

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