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Crude Oil bulls don’t want to see selling start here

Courtesy of Chris Kimble

The last 5-months Crude Oil has experienced a strong rally and has been much stronger than the S&P 500 (gained 27% more), highlighted in the chart below:

This strong rally now has Crude testing what could be an important price zone for one of the worlds most important commodities:

The impressive 5-month rally in Crude is now testing the underside of two channels and its 38% retracement level of the 2013 highs/2016 lows at (2).

Crude is pushing on a very important price zone that bulls so want to see a breakout take place, not selling pressure to start. Smart money traders are betting Crude will head lower, similar to the degree they bet Crude would head lower in 2013/2014.

The Power of the Pattern is of the opinion that what Crude does here, could send an important intermediate message about the future direction of Crude Oil. Bulls would love to see a breakout at (2)!!!

Why you see chart pattern analysis with brief commentary:   

There is a ton of news and opinions about markets and stocks that make the decision-making process more difficult than it needs to be.    

I believe the Power of the chart Pattern provides all you need to see what is taking place in an asset and determine the action to take.  

This approach has worked well for me and our clients and I encourage you to test it for yourself. 

Send an email if you would like to see sample research and take me up on a trial of our Premium or Weekly Research where I provide actionable alerts on breakouts and reversals in broad market indices, sectors, commodities, the miners and select individual stocks. 

Email services@kimblechartingsolutions.com  

Website: KIMBLECHARTINGSOLUTIONS.COM 


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