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We are all aware that Crude Oil has been hit hard over the past year. I suspect that many are enjoying part of the decline, as its driven gas prices to levels that are nice to see at the pump. Now we all have extra money to spend on the upcoming holiday season!
Crude oil could be forming a bullish falling wedge pattern, with the apex of the wedge, near its 23% Fibonacci retracement level and near 15-year rising channel support. At the same time monthly momentum is now reaching levels seldom seen in the past 30-years.
If Crude breaks above resistance at (1), buyers could well step forward.
We covered the opportunities in the Oil and Gasoline markets in last weeks members webinar. If you are interested in the opportunities in Energy complex, you might find being a Premium Member of value to you.
Our Sectors/Commodities Sentiment Extremes weekly report might also digs into opportunities in the complex.