Courtesy of Chris Kimble.
Crude Oil and the S&P 500 peaked together in September of last year and both bottomed together this past December.
Is Crude Oil about to peak and send a bearish message to stocks? A resistance test is in play that could well answer this question.
The rally by Crude has it testing the bottom of its 3-year rising channel, last years support level as new resistance and its 61% Fibonacci retracement level at (1).
If Crude would happen to struggle with this resistance and break support at (2), odds are high it would send a concerning message to stocks.
Keep a close eye on Crude Oil here friends, as a resistance zone test is in play at (1).
–
To become a member of Kimble Charting Solutions, click here.
