Click on picture to enlarge
King Dollar and Crude Oil have been have had little correlation over the past year, as each has traded in pretty much opposite directions.
Over the past 9 months King Dollar has had a historical rally and the opposite is true for Crude Oil.
Of late Crude hit its 23% Fibonacci resistance line, based upon last summers weekly closing highs and weekly closing low on 3/13/15.
Joe Friday just the facts….Crude oil is making an attempt to break short-term steep rising support this week and King Dollar is attempting to break short-term steep falling resistance.
Crude oil just experienced its 7th largest 2-month rally in its history (See post here) reflected in the chart below.
Click on picture to enlarge
Could it be a time for Crude Oil to cool off a little???
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