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.
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.
