Crude back to a big spot…$CL_F $USO $OILK pic.twitter.com/O3caEZ4KTh
— Ian McMillan, CMT (@the_chart_life) November 21, 2022
Today’s Chart of the Day was shared by Ian McMillan (@the_chart_life). Crude Oil had a wild day. It was on track for its worst day in four months this morning (-6%) as it tested year-to-date lows. However, buyers stepped in around $75 and it managed to close flat on the day. Ian points out that $75 has been a polarizing level for Crude Oil in recent years. It acted as resistance twice in 2018 and again in 2021, before finally breaking out earlier this year. It’s holding for now, but if it breaks $75, it would be the question – was 2022 just one big failed breakout for Crude Oil?