Crude Oil Appears to Be Sending Bearish Message This Month
CL
-1.78%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
Crude oil prices rose sharply in 2022, and this has been a major factor in rising consumer prices and inflation.
But the past five months have seen oil prices pull back, and this has been welcome news at the gas pump. Now, with the holidays fast approaching, consumers are hoping the oil and gas prices continue to fall.
Today’s chart offers some hope to consumers. Below is a monthly chart of crude oil.
Crude Oil Monthly Chart
As you can see, crude looks to be breaking below potential triple support at (1). Should crude oil close the month below support, it would be very bearish.
Crude oil is arguably the most important commodity on the planet. If it breaks down, Stay tuned.
