Here's Chris Kimble'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% Fibonacciresistance 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!
Scrat's comments's: One must consider how far we've come from the lows of march 2009,a bit too fast for me,with every analyst out there screaming the sky is the limit again.I believe it can only get higher moderatly.My charts are telling me,this market is ripe for a pullback,but not without a fight.
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