Crude Oil: Will October Mark A Bearish Reversal and Double Top?

Crude Oil prices are taking it on the chin in October… following stocks to the downside.

Depending on how Oil prices close the month, this could create a bearish monthly reversal and intermediate-term crude oil top.

The current high for the month is in/around the June highs which would make this a double top should crude oil prices head lower – see point (1) in the chart below.

The potential double top and bearish reversal is also occurring at its 38% Fibonacci retracement level – also at point (1).

Note that this bearish pattern has not been confirmed yet.

So what should investors be watching?

A bearish price message would occur if uptrend support breaks at point (2).  Stay tuned this month!

Crude Oil Chart

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