6.9 C
New York
Friday, March 29, 2024

Crude Oil Could Be Peaking Here, Impacting Stocks, Says Joe Friday

Courtesy of Chris Kimble.

Crude Oil and the S&P 500 peaked last fall together and bottomed at the same time in December. Could they both be peaking together again this week? Joe Friday suggests keeping a close eye on the Crude Oil pattern this week.

Crude and the S&P both created topping patterns at each (1), then both fell over 15%.

Crude and the S&P both created bottoming patterns at each (2), then both rallied over 15%

Crude and the S&P are both testing resistance levels at each (3).

Joe Friday Just The Facts Ma’am– Crude Oil could be creating a bearish reversal pattern (bearish wick) while testing resistance this week. If Crude would turn lower from current levels, it could influence stocks to do the same.

To become a member of Kimble Charting Solutions, click here.

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

Stay Connected

157,450FansLike
396,312FollowersFollow
2,280SubscribersSubscribe

Latest Articles

0
Would love your thoughts, please comment.x
()
x