Crude oil futures are following through after last week's breakout. The next stop is the 2008 highs ~147.
$CL_F #commodities pic.twitter.com/h95PJxCK65— Ian Culley (@IanCulley) June 8, 2022
Today’s Chart of the Day was shared by Ian Culley (@IanCulley). Crude Oil closed above $122 per barrel today, marking the second-highest close in more than a decade. It peaked exactly three months ago at around $123, and it’s now attempting to clear those former highs. In a comment to The Chart Report Ian said, “If Crude breaks out of this three-month base, the next major resistance level is at the 2008 highs around $147 per barrel, which is about 20% higher from here.”