Courtesy of Chris Kimble.
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King Dollar and Crude Oil have been have had little correlation over the past year, as each has traded in pretty much opposite directions.
Over the past 9 months King Dollar has had a historical rally and the opposite is true for Crude Oil.
Of late Crude hit its 23% Fibonacci resistance line, based upon last summers weekly closing highs and weekly closing low on 3/13/15.
Joe Friday just the facts….Crude oil is making an attempt to break short-term steep rising support this week and King Dollar is attempting to break short-term steep falling resistance.
Crude oil just experienced its 7th largest 2-month rally in its history (See post here) reflected in the chart below.
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Could it be a time for Crude Oil to cool off a little???
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