Crude Oil About To Send Bearish Message To Stocks

(Click on image to enlarge)

Crude Oil and the S&P 500 peaked together in September of last year and both bottomed together this past December.

Is Crude Oil about to peak and send a bearish message to stocks? A resistance test is in play that could well answer this question.

The rally by Crude has it testing the bottom of its 3-year rising channel, last years support level as new resistance and its 61% Fibonacci retracement level at (1).

If Crude would happen to struggle with this resistance and break support at (2), odds are high it would send a concerning message to stocks.

Keep a close eye on Crude Oil here friends, as a resistance zone test is in play at (1).

Disclosure: Sign up for Chris's Kimble Charting Solutions' email alerts--click here.

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.