This chart is to accompany my Oil - Another Parabolic Run Up, chart and only to illustrate a key resistance level directly overhead. Yes indeed breaking above 48.52 and more importantly this lower blue channel line (my nemesis) will likely be a major break to the upside. I've been predicting a 48-54 weekly range through possibly mid October but this channel line has stood in my way. Well, we are attacking again, tomorrow, next week...I would very much like to see this level broken, prior to FOMC's interest rate hike decision the week of Sept 20. I think this could like result in a run up to 50.37 and then a fall back near 48.5 prior to the meeting.
Please see the related charts for more specific information.
Good trading all!
Please see the related charts for more specific information.
Good trading all!
