Chart of the Day - Tuesday, September 10, 2024

Patrick Dunuwila
September 10, 2024

Chart of the Day
 


🏆 Today’s Chart of the Day was shared by John Roque (@daChartLife).
 

  • Crude Oil futures slid -4.3% to $65.75 per barrel today, marking the lowest close in nearly three years. It's fallen more than -10% in the past six days and more than -20% over the past two months.
     
  • Using prior bear markets as a guide, John points out that Crude Oil could fall to the low 50s before finding a bottom. 
     
  • He notes that price is below a downward-sloping 12-month moving average, and the MACD has turned negative. The 12-month rate of change has also turned negative, suggesting momentum has deteriorated.
     

Takeaway: Crude Oil dropped to its lowest level since December 2021 today. It looks poised for further weakness and may visit the low 50s before turning around. 

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