Chart of the Day -Tuesday, March 17th, 2020

Today's Chart of the Day was shared on Twitter by Eddy Elfenbein (@EddyElfenbein). It's a chart of Crude Oil futures over the past five years. Much of the spotlight has been on Equities recently as Stocks have sold-off at an unprecedented rate. However, it's also worth noting that Crude Oil has experienced a significant decline as well. Just a few weeks ago, we shared a chart from the legendary trader, Peter Brandt. Peter pointed out that Crude Oil had broken key support around $50, and projected that price would fall below $40 per barrel. Over the next few weeks, Crude Oil dropped more than 45% to where it's currently trading around $27 per barrel. As Eddy points out, price is now approaching the 2016 lows. At current levels, Crude would have to rally more than 100% just to get back to where it began this year.