Where’s Crude Headed To?

WTI Crude Oil has had a decent year so far (+14.5% YTD). After being range-bound for a very long time, it finally broke out in June. However, after the breakout, crude has been in a mini-range for the past 2 months. Which way is it headed?

The Chart

After the breakout above the 98-100 level, Crude tested 109 and since has been range bound (again). What you want to see is a break and hold above or below the range. While the 50 day moving average could provide support here and cause crude to head higher, a break below 102.50-103 could trigger a lot of stops and send this baby back down to that 100 level. A break above 108.50-109, and we could see levels in WTI Oil that we have not seen in awhile (110 would be the most immediate resistance, which was the 20102 high and then 114-115 which was the 2011 high). Just keep an eye out for a move one way or the other!

$CL_F – Light, Sweet Crude Oil Futures Daily chart

WTI Crude daily

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tags: $CL_F $USO $UCO $SCO $OIL $BNO

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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