Crude Oil Could Be Peaking Here, Impacting Stocks

Sharing is Caring!

by Kimble Charting

Crude Oil and the S&P 500 peaked last fall together and bottomed at the same time in December. Could they both be peaking together again this week? Joe Friday suggests keeping a close eye on the Crude Oil pattern this week.

See also  Cryptocurrencies such as #Bitcoin could trigger a financial meltdown unless governments step forward with tough regulations, warns Bank of England deputy Sir Jon Cunliffe (Guardian)

Crude and the S&P both created topping patterns at each (1), then both fell over 15%.

Crude and the S&P both created bottoming patterns at each (2), then both rallied over 15%

Crude and the S&P are both testing resistance levels at each (3).

See also  Professor warns America ALREADY in recession that could be as bad as ’08… ICAHN: Market will certainly ‘hit wall’…

Joe Friday Just The Facts Ma’am– Crude Oil could be creating a bearish reversal pattern (bearish wick) while testing resistance this week. If Crude would turn lower from current levels, it could influence stocks to do the same.

 

554 views

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.