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Technical analyst Chris Kimble has been keeping his eye on Crude Oil — a commodity that can have a major impact on our cost of living. First let's look at an overlay of weekly average prices for regular and premium gasoline and monthly prices for West Texas Intermediate Crude.
Here's Chris's analysis.
Chris comments: We all know Crude oil has a large impact on our lives. Currently Crude oil is waging war with the 50% Fibonacci resistance level at $90.
In April Crude came within $2 of the 50% level and declined, as stocks were peaking at the same time.
Should crude succeed at breaking above the 50% level, the 61% level comes into play around $105!
In 2007 Crude almost went vertical in price and stocks went south, so watch crude closely right now!
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