Crude Oil is Oh-So-Close

/ September 19, 2017 3:12 PM

How does the line from the movie The Godfather go? "Just when I thought I was out , they pull me back in." That's an apropos description of for crude oil prices of late. Just when it looked like oil was going to break out of a short-term slump and rekindle a long-term recovery  move, something goes wrong to put the brakes on the effort. There is good news though. That is, the lines in the sand have been clearly drawn, and crude is still within easy striking distance of them. The chart of crude oil futures prices below has a lot going on, but we'll just address them all one thing at a time. First and foremost, after the effort petered out in early August, the mission of climbing back above the 200-day moving average line (green) was renewed in early September. The July peak of $50.40 (solid orange… more


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