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Crude Oil- Potential short prospect says Joe Friday

Courtesy of Chris Kimble

Crude Oil has rallied for the past few months, could it be peaking? Joe Friday suggests Crude finds itself at a key inflection point for it and its Fear Index (OVX).

Below looks at Crude Oil futures over the past decade-

Crude oil weekly, chris kimble chart

Crude Oil rally of late has it testing 6-year falling resistance as its fear index (OVX) is testing 2015 lows at the same time.

Joe Friday Just The Facts Ma’am– If Crude breaks support and OVX breaks resistance at (4), Crude could be a good prospect to short, as selling pressure in Crude could pick up.

The stock market rally of late might get a little nervous if Crude would happen to break down and OVX breaks out. What Crude does here will be important for Crude Oil and the broad market in general, as traders now own a crowded trade, similar to what they did back at the highs in 2014.

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