As we’ve chronicled in several articles over the past two months, the $92 Crude Oil support level remains important to bulls. Â In the beginning stages of Crude’s slide, I highlighted this level as it marked the 18 month uptrend support line. And sure enough, this level stalled Crude’s slide in November. But many questions remain.
- Will a base continue to form around this Crude Oil support level?
- Will this support level hold, considering that Crude has been unable to move higher with elevated equity prices?
- Is there a catalyst on the horizon?
It’s important to note that if the $92 Crude Oil Support level fails, there are supports nearby at $90 and $86, with the latter being the 3 year uptrend support. Check out the charts below and feel free to share your thoughts and comments. Â Trade safe.
Crude Oil Daily Chart
Crude Oil Weekly Chart
Twitter:Â Â @andrewnyquist
No position in any of the mentioned securities at the time of publication. Â Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
