Chart of the Day - Wednesday, March 2nd, 2022

Today’s Chart of the Day was shared by Tarek Saab (@FibLines). It's a weekly chart of Crude Oil futures over the past 16-years. Crude Oil futures have surged more than 20% so far this week, hitting their highest level in more than a decade at $112 per barrel. This has been one of the more historic market moves we've witnessed. Think about it - the price of the world's most important commodity went from negative territory to 11-year highs in less than two years! Tarek points out that Crude is approaching a key level around $114-115. This level acted as resistance all throughout 2011-2013 and still hasn't been broken. Will the fifth time be the charm? Or, will price consolidate/correct at this familiar level? If broken, the next major test would be the 2008 all-time highs around $145. Either way, $114-115 will be a major test for Crude Oil, so keep an eye on how it plays out over the next few weeks.