Crude Oil has seen some pretty wide price swings over the years.
And, as we wrote about earlier this month, stock market bulls don’t like it when crude oil prices reverse lower.
In today’s chart, we look at crude oil’s latest turn lower and why bulls need prices to firm up ASAP.
The trend for crude oil remains up, as prices have remained inside the rising trend channel (1) since the 2015 lows.
Support is support until broken and a strong support test is in play at this time!!!
BUT the recent price reversal lower has crude oil testing dual support at (2). This area is marked by lateral support and its rising trend support line.
Crude Oil bulls may need to take cover if this dual support area fails to hold. Stay tuned!