Crude Oil- Bearish reversal at 8-year falling resistance
Crude Oilhas been moving sharply higher the past few weeks. Last week we shared with Sectors Extreme & Premium members that Crude Oil had created an important pattern to finish the week while hitting an important price point.
Below looks at the chart shared with members last Friday-
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Line (A) has been important support and resistance several times over the past 8-years. In 2011, this line took place as support as bullish reversal patterns took place at (1) and Crude rallied for the next few years.
After Crude started turning weak, bearish reversal patterns took place as Crude was kissing the underside of falling resistance at each (2).
The rally of late saw Crude Oil kiss the underside of falling resistance line (A) at (3), where a bearish reversal pattern took place to close last week.
Crude Oil bulls do not want to see reversal patterns take place below this resistance line. If reversals do take place at this key line, it would send concerning message to this sector.
Crude bulls want it to be different this time and see it break above this key resistance line!
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