Crude Oil About To Test 13-Year Resistance Level

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Key highs and lows in Crude Oil have been important more than once to stocks over the past 20-years.

What Crude Oil does in the near future should influence stocks again!

Crude oil since its peak back in 2008, has created a series of lower highs and lower lows inside of falling channel (1). It hit the bottom of its falling channel in April of late year, where it made a massive bullish reversal pattern. Since that low Crude Oil and Stocks have experienced large rallies!

The rally has Crude Oil nearing 13-year falling channel resistance and its 2019 highs at the $63 level.

What Crude Oil does at this resistance zone should send a very important message to stocks and commodities.

If Crude oil succeeds in breaking out at (2), look for it to rally up to the $80 level.

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