Several commodities have been on a tear higher over the past 18 months. This list of commodities includes crude oil.
As a key economic input, crude oil is more than just a tradable asset. Crude oil is an excellent indicator for the economy as well as a commodity to watch regarding inflation.
Today we look at a long-term “monthly” chart of Crude Oil futures… and why we may be at a key inflection point.
The $75 level has been support and resistance multiple times over the past 10 years. And last month, Crude Oil closed right on this key support/resistance line at (1).
But the price action also did something that could have bearish implications.
While testing this key level last month, Crude oil may have created a “hanging man” topping pattern. Any further decline this month would raise concerns of a bearish reversal pattern taking hold. Stay tuned!
Crude Oil Futures “monthly” Chart
Note that KimbleCharting is offering a 2 week Free trial to See It Market readers. Just send me an email to email@example.com for details to get set up.
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.