Joe Friday suggested that Crude Oil could be peaking in the chart above first shared on 5/25/18, as Crude was testing its 50% retracement level at (2). Weakness in Crude of late has it down near 20% from recent highs. Crude is one of the most important commodities on the planet and big moves in it can ripple into other assets.
Below looks at a chart of Crude Oil and the Yield of the 10-year note:
Sometimes Crude Oil and the yield on the 10-year note have declined together over the past 13-years at each (1). Crude Oil weakness of late has it breaking 3-year support at the top of a rising channel at (2).
Joe Friday Just The Facts Ma’am- The yield on the 10-year note is kissing the underside of 10-year resistance at (3). Further weakness in Crude could be suggesting that interest rates are near an important peak, where a decline in rates could start.
