As we’ve chronicled in several articles over the past two months, the $92 Crude Oil support level remains important to bulls. In the beginning stages of Crude’s slide, I highlighted this level as it marked the 18 month uptrend support line. And sure enough, this level stalled Crude’s slide in November. But many questions remain.
- Will a base continue to form around this Crude Oil support level?
- Will this support level hold, considering that Crude has been unable to move higher with elevated equity prices?
- Is there a catalyst on the horizon?
It’s important to note that if the $92 Crude Oil Support level fails, there are supports nearby at $90 and $86, with the latter being the 3 year uptrend support. Check out the charts below and feel free to share your thoughts and comments. Trade safe.
Crude Oil Daily Chart
Crude Oil Weekly Chart
No position in any of the mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.