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Crude Oil- Two-thirds chance of upside breakout

By kimblechartingsolutions
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Courtesy of Chris Kimble.

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We are all aware that Crude Oil has been hit hard over the past year. I suspect that many are enjoying part of the decline, as its driven gas prices to levels that are nice to see at the pump. Now we all have extra money to spend on the upcoming holiday season!

Crude oil could be forming a bullish falling wedge pattern, with the apex of the wedge, near its 23% Fibonacci retracement level and near 15-year rising channel support. At the same time monthly momentum is now reaching levels seldom seen in the past 30-years.

If Crude breaks above resistance at (1), buyers could well step forward.

We covered the opportunities in the Oil and Gasoline markets in last weeks members webinar. If you are interested in the opportunities in Energy complex, you might find being a Premium Member of value to you.

Our Sectors/Commodities Sentiment Extremes weekly report might also digs into opportunities in the complex.

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To become a member of Kimble Charting Solutions, click here.

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Note: The material presented in this commentary is provided for informational purposes only and is based upon information that is considered to be reliable. However, neither PSW Investments, LLC d/b/a PhilStockWorld (PSW) nor its affiliates warrant its completeness, accuracy or adequacy and it should not be relied upon as such. Neither PSW nor its affiliates are responsible for any errors or omissions or for results obtained from the use of this information. Past performance, including the tracking of virtual trades and portfolios for educational purposes, is not necessarily indicative of future results. Neither Phil, Optrader, or anyone related to PSW is a registered financial adviser and they may hold positions in the stocks mentioned, which may change at any time without notice. Do not buy or sell based on anything that is written here, the risk of loss in trading is great.

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