Crude Oil Appears to Be Sending Bearish Message This Month
Chris Kimble | Nov 23, 2022 15:49
Crude oil prices rose sharply in 2022, and this has been a major factor in rising consumer prices and inflation.
But the past five months have seen oil prices pull back, and this has been welcome news at the gas pump. Now, with the holidays fast approaching, consumers are hoping the oil and gas prices continue to fall.
Today’s chart offers some hope to consumers. Below is a monthly chart of crude oil.
As you can see, crude looks to be breaking below potential triple support at (1). Should crude oil close the month below support, it would be very bearish.
Crude oil is arguably the most important commodity on the planet. If it breaks down, it will cool inflationary pressures. Stay tuned.
Get The App
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.