Today’s Chart of the Day was shared by Alfonso Depablos (@AlfCharts). It's a daily candlestick chart of Crude Oil over the past year. Crude Oil is back above a key level around $94.50. It broke below it earlier this month, but that move is beginning to look like a failed breakdown. As we know, failed breakdowns often lead to sharp moves higher. Alfonso points out that RSI never even reached oversold conditions, despite 'correcting' 30% this Summer. The inability to reach oversold conditions speaks to the strength of this trend. This is bad news for consumers at the pump, but good news for Energy stocks.
Chart of the Day - Thursday, August 25th, 2022
August 25, 2022
