Crude Channel Gives Way-Former Range Low at 44.40
Chart Prepared by Jamie Saettele, CMT
-The last update noted that “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.” That didn’t work. Crude reversed from channel resistance on Wednesday before surging (5% at one point) today. Pay attention to the former range low at 44.40. That might provide resistance.
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