Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Is It Time For Crude To Cool Off?

Published 05/22/2015, 02:05 PM
Updated 07/09/2023, 06:31 AM

Oil Vs. The USD

King Dollar and crude oil have had little correlation over the past year, trading in pretty much opposite directions.

Over the past 9 months, the USD has had a historical rally while the opposite is true of crude.

Recently crude hit its 23% Fibonacci resistance line, based on last summers weekly closing high and low on 3/13/15.

Crude oil is currently attempting to break short-term, steep rising support while King Dollar is trying to break short-term, steep falling resistance.

Also, crude just experienced its 7th largest 2-month rally in its history, as the chart below shows.

Crude's Recent Rally

Bottom Line: Is it time for crude oil to cool off?

Latest comments

This "weather forecast" doesn't help a lot. Dollar is in historic lows, while crude is not, especially if we take in consideration strength of Dollar. . Probability soon or later Dollar will go 10-20% up and crude won't go anywhere.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.