Kimble Charting Solutions Blog

Crude Oil is pushing support to its limits…

Posted by Chris Kimble on 06/13/2011 at 1:46 pm; This entry is filed under Crude Oil, Euro.

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Crude Oil is testing support, dating back to its 2009 lows around $40 at (1) in the chart above. With Fib resistance directly overhead and a rather large rising wedge being formed over the past few years, if support gives way, Crude oil could see at least a $5 drop in the very near future.

If that drop would happen, then the top of the trading channel, dating all the way back almost 30 years, becomes a KEY test!  The last time the Euro was up here in price (see post here), Crude oil became very weak!

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