Crude is at a major pivot point.

Crude Oil has reached a major pivot point of its move lower that started last year March and we are about to find out if the trend higher will be restored or we will remain in corrective mode.

On Friday we closed right at the descending channel’s T/L resistance at $80. Furthermore, potentially at the same level we have the neckline of an inverted H&S formation which if broken targets a move to $90. To recap, a break higher points to a low already found at $70.50 and points to a move to $90 but until that happens don’t forget that the trend is your friend.

Crude Oil at major pivot

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Steve Voulgaridis