Chart of the Day - Tuesday, September 12, 2023

Today's Chart of the Day was shared by Shane Murphy (@MurphyCharts). Crude Oil futures settled at a 10-month high of $88.84 per barrel today. Meanwhile, the Crude Oil Volatility Index ($OVX) closed at a three-year low. George Soros once famously said, "Short-term volatility is greatest at turning points and diminishes as a trend becomes established.” That's exactly what's going on with Crude Oil... It's establishing an orderly uptrend. The path of least resistance is higher, and the next upside objective will be the October/November highs around $93 per barrel.