Courtesy of Chris Kimble
The Crude Oil rally is gathering momentum as Middle East tensions come to the forefront.
The rally has taken crude oil prices to a critical juncture, that two other times became a peak in oil prices.
Oil prices are back at a familiar resistance level… a price area that has been tested on two other occasions (aligning with other middle-east attacks).
Will this mark another high for oil prices? Or will this result in the breakout that crude oil bulls have been waiting for?
What Crude Oil does at this important Fibonacci extension level, could well send an important signal about the conflict or lack thereof with Iran.
Stocks and Crude Oil hit lows together in December of 2018 and rallied together over the next year. Are stock market bulls hoping for a breakout in Crude or would a breakout here actually be of concern to them?
This article was first written for See It Markets.com. To see original post CLICK HERE
To become a member of Kimble Charting Solutions, click here.
