Inflation concerns turned into nightmares for some over the past several weeks as crude oil prices rocketed higher on the heals of overseas tensions, war, and sanctions.
Pain at the pump has now become a reality as consumers fill their cars. This is on top of rising food prices.
Could there be some relief coming soon to the gas pump? Well, that depends on how crude oil prices move in/out of today’s important trading “triangle”. See the chart below.
Will prices breakout above the falling trend line of the triangle (ouch for consumers), or will prices break down lower and see the potential of a measured move? This looks to be an important inflection point. Stay tuned!
Crude Oil Price Chart
Note that KimbleCharting is offering a 2 week Free trial to See It Market readers. Just send me an email to services@kimblechartingsolutions.com for details to get set up.
Twitter: @KimbleCharting
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.
