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Two 25-year support lines in Crude Oil, based upon monthly closing prices both met at once price point last month. This reflected a zone where Crude Oil could bounce, after a historical decline over the past 18-months. Premium Members went long Crude Oil at this key dual test of support.
In our humble opinion, Crude Oil remains one of the, in not “THE” most important commodity on the planet. As Crude has declined over the past 18-months, the broad market has struggled to move higher. Of late, once Crude hit support and has moved higher, stocks have too.
Joe Friday, Just The Facts; Crude Oil is attempting a breakout of falling resistance at (1). Should it succeed in doing so, we suspect stocks would like that and move higher.
Full Disclosure- Premium Members are long Crude Oil and have harvested some profits from the position of late.