On 3/25 I shared in the chart below that Crude Oil was fighting with its 61% fib resistance level. (see post here) The chart directly below reflected that very little resistance between current prices and $140 was in place, should it break above the key level at (1).
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Below is an update to that chart, which reflects that Crude Oil looks to be breaking above this key level.
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Will Crude Oil reach $140? I don’t know, yet a break above the 61% fib resistance level could see Crude run higher than many might think!
Game Plan….Have been an owner of DBC (which has oil exposure) for a while, due to its pattern at (2). (see post here) VERY AGGRESSIVE investors will want to look into UCO on this upside break in Oil. Keep in mind this is a 2X ETF and for AGGRESSIVE investors only!
Should Crude push a good deal higher will it impact stocks? If you are long the 500 index I wouldn’t be a seller, yet I sure would respect this pattern in the 500 index, due to the Crude oil situation (see post here)
