Crude Oil Cleared For Blast Off On This Dual Breakout?
Chris Kimble | Jun 01, 2021 10:12AM ET
Is crude oil about to blast off and hit much higher prices? It might be worth being aware of what could be taking place this month in this important commodity.
Crude oil has created lower highs over the past 13 years, since peaking back in 2008, along line (1).
It created a “double top" at (2). Then, it proceeded to decline more than 60% in four months.
The counter-trend rally in crude oil has it attempting to break above its 13-year falling resistance as well as its double top at (3).
A successful breakout at (3) would suggest crude oil is about to move much higher in price, especially if the U.S. dollar breaks below the 88 level.
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