Crude Oil Bulls Remain Resilient Near YTD Highs

Just 1 month ago in mid November crude oil $CL_F was trading down around $42.50 at multi-month lows and threatening to break down further.

Since then, we’ve seen a  powerful 20%+ rally breaking us to new YTD highs and above key prior resistance.

Charting $USO, we’ll lose some precision due to the ETF structure, but the resiliency of oil throughout the month of December can still easily be seen.

Most impressive, is this rally taking place in the face of a US Dollar which has ripped to new multi-year highs.

Bottom line, crude oils recent breakout bodes well going forward so long as the spot price holds above roughly $50 a barrel.

Thanks for reading and good luck out there.


Enjoy what you read? Share it below and be sure to tag @thetraderisk.

Find similar content on the following:
Posted in , ,
Tagged with

Evan Medeiros

Evan is the founder of the Trade Risk. With 20+ years of coding experience and a B.S. in computer science, Evan brings a systematic discipline to investing in the stock market.

Don't miss out on more educational articles just like this!

Please enter your name.
Please enter a valid email address.
Something went wrong. Please check your entries and try again.

Leave a Comment