Courtesy of Chris Kimble
Is Crude Oil bottoming for the 4th time the last 8-months? Is Crude Oil suggesting that stocks are at a low about to experience a strong rally?
Crude Oil has rallied off support line (1), which is the $50 level, three different times since May of 2019. Each time Crude turned higher off the $50 level, it experienced at least 15% rally.
At the same time, Crude was pushing higher off support, the S&P 500 was at a low and about to experience a quality rally as well.
Oil and Stock bulls are keeping a close eye on what Crude does at (2) this week, as Crude could be sending a positive message to markets for the 4th time in the past 8-months.
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