Crude oil challenges the lower boundary of its current range. The path of least resistance is lower on a daily close below 94.25. $CL_F pic.twitter.com/xaobUd9RYx
— Ian Culley (@IanCulley) July 13, 2022
Today’s Chart of the Day was shared by Ian Culley (@IanCulley). Today’s CPI report had inflation at 41-year highs. Ironically, Crude Oil is currently trading near three-month lows, down more than 20% from its recent highs. Ian points out that its testing key support around $94. Typically, the more times a level is tested, the weaker it becomes, and this level has been tested several times in recent months. While many wonder whether inflation data is peaking, one of the biggest drivers of inflation is attempting to break down after a stellar run.