Crude Oil is tanking of late as it breaks 3-year rising support! Where does long-term support come into play?
This version of the original article, by Chris Kimble, has been edited* here by munKNEE.com for length (…) and clarity ([ ]) to provide a fast & easy read.
(Click on image to enlarge)
- Crude has spent the majority of the past three decades inside of rising channel (1). It hit the top of this channel back in 2008, where it has created a series of lower highs ever since.
- The rally off the 2016 lows saw it hit its 38% retracement level at (2), where it looks to have created a monthly double top at this key resistance level….
- Crude is breaking down after the double top, which suggests over time it could test rising channel support at the $39 level at (3).
(*The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor)
For the latest – and most informative – financial articles sign up (in the top right corner) for your FREE bi-weekly Market Intelligence Report newsletter (see sample here).
Thank you for taking the time to read this article. If you enjoyed reading it please hit the “Like” button, and if you’d like to be notified of future articles, hit that “Follow” link.