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Friday, March 29, 2024

Word to the Wise: Keep an Eye on Crude

Courtesy of Doug Short.

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.


Unrest in Iraq pushed Crude Oil prices up for a week and bullish sentiment towards crude reached lofty levels. Turmoil continued in Iraq, yet Crude Oil turned soft.

The decline in crude oil has it now testing a 6-month support line and support is support until broken. Should support give way, Crude might turn soft for a while due to sentiment is still at lofty levels.

Often Crude Oil and the S&P 500 have moved in the same direction. Should Crude Oil fail to hold at support, investors might want to see if it impacts the broad markets.

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Postscript from dshort: After reading Chris’s update on light crude, I made a little snapshot of daily closes with a striking pair of post-recession dotted lines.


For information about Kimble Charting Solutions, send an email to services@kimblechartingsolutions.com.

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