Crude Oil remains one of the most important, if not THE most important commodity on the planet. A big test in in play right now for this important asset.
(Click on image to enlarge)
Crude Oil over the past few years has traded inside of channel (A). It hit the top of the channel in 2014 and couldn’t break out. Soon after failing to breakout, it started on a historic decline, inside of the pink shaded channel.
Crude hit the bottom of channel (A) early this year, where it created two monthly reversal patterns (bullish wicks) at (1). Since hitting support, Crude has rallied strongly.
Now Crude is facing falling channel resistance at (2) above.
Joe Friday Just The Facts…If Crude Oil can breakout at (2), Crude should do well. We suspect that if Crude can breakout, stocks would like the price action!
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