So what’s it gonna be? Decision time… pic.twitter.com/gN0entn9cC
— Julien Bittel, CFA (@BittelJulien) June 21, 2021
Today’s Chart of the Day was shared by Julien Bittel (@BittelJulien). It’s a monthly candlestick chart of Crude Oil futures over the past 15 years. Crude Oil settled at its highest level in nearly three years today, around $73 per barrel. Julien points out that price has reached a key long-term level. We’re currently testing potential resistance from the 2018 highs, as well as trendline resistance that has been in place for over a decade. The Energy sector has been the clear leader so far this year. However, if Crude Oil reverses lower at this potential inflection point, we could see the Energy sector resign its leadership in the second half of the year.