Crude slips below support at ~$94…$CL_F pic.twitter.com/lDFXEnbieV
— Ian McMillan, CMT (@the_chart_life) August 4, 2022
Today’s Chart of the Day was shared by Ian McMillan (@the_chart_life). It’s a chart of Crude Oil futures over the past year and a half. Ian points out that Crude Oil is breaking below support around $94. It had flirted with this level several times since February, but we decisively sliced through it this week. Energy remains the best performing sector by a mile (+31% YTD), but Crude Oil weakness will likely put pressure on those gains. Just a few weeks ago, headlines warned of $380 Oil, but at this point, $80 seems like a much more realistic target.