Chartology: The Dollar (USD) and Light Crude Oil

Andrew Nyquist

Crude Oil has been rallying in the face a stronger dollar, which tends to be bullish action.  And should the dollar encounter resistance at 81ish and pause or pullback, Crude may be ready to test the April highs.  On the flip side, a dollar break above 81.50 would be a headwind for commodities and equities.

Watch the support and resistance levels for clues.

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Oil Chart

The Dollar (USD) and Oil annotated daily stock charts with technical analysis overlay December 29, 2011.  Price Support and Resistance.

 

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