Chart of the Day - Wednesday, April 12th, 2023

Today’s Chart of the Day was shared by Jason Perz (@JasonP138). Crude Oil closed at its highest level since November today, after a sharp rebound in recent weeks. It closed at 52-week lows less than a month ago, on St. Pattys Day, but it's rallied more than 24% since. Jason points out that this is Crude Oil's first 50-day high in over 200 days. It's been in a downtrend for nearly a year now, however, today's higher high marks the first step toward reversing that downtrend. It also cleared $82 today, which has been resistance for the past five months. If Crude can continue to hold above $82 in the near term, the next upside objective will be the October/November highs around $92.