This would yield a drop of about $5 a barrel down to the $85.50 level, which would still be inside the overall uptrend if that support continues to hold. The overall duration and technical clarity of the Channel Up formation encourages the likelihood that nearby crude oil futures will remain in this range for the time being. A move outside of the channel in either direction would initiate a directional breakout, with either an acceleration of the rising trend or a channel failure with a renewed downtrend on a breach of $85.50 per barrel.
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