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Crude Oil Update

By Chart School
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Courtesy of Chris Kimble, Crude Oil Update

A week ago today, Crude oil was facing stiff resistance and the suggestion for those that are comfortable with scoring on defense was to do so, via inverse crude oil/oil stocks etf’s.  (See post here)  What a difference a week makes, as Crude Oil is down almost 10% in 5 business days.  See update below.

crude oil chart

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Did a post on DTO, inverse crude oil ETF (see post here).  Many commodities (grains, metals and softs) did very well yesterday, yet Crude Oil didn’t have near the bounce, which could represent "relative weakness."

Lower channel support is still a good percentage below current prices.  Keep stops in place in case of some upside surprise in prices! 

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