Chart of the Day - Monday, March 6th, 2023

Today's Chart of the Day was shared by John Kicklighter (@JohnKicklighter). It's a daily candlestick chart of Crude Oil futures and its Volatility Index ($OVX) in red. Crude Oil rose for the fifth straight session today and closed above its 100-day moving average for the first time in four months. It peaked almost precisely one year ago at around $120 per barrel, after trading in negative territory less than two years earlier. However, it's been pretty boring lately. Price has tightened into a narrow range over the past four months, with volatility ($OVX) hitting a new 52-week low today. It's often said, "From range contraction comes range expansion." It would make sense to see a large move higher or lower from Crude in the coming weeks, as it's reaching a decision point.