Crude Oil is setting up for a trend break move above $100. This video was recorded just before the open on Tuesday. With Tuesday’s activity we’ve now broken above resistance on the 465 minute, daily, weekly and monthly charts.
Crude Oil Breaking Out (465 minute, daily, weekly, monthly)
This could turn into a big move – we’ve been consolidating and building up energy for 4 years! Going to be watching the Crude charts closely and following the news out of Egypt. The Suez Canal (mentioned in the video at the 11:25 mark) is now on the international radar screen, see this article on Zero Hedge.
Big moves come when cycle setups line up in multiple time frames. Here we have cyclical resistance lines (drawn by Better Sine Wave) being broken in four time frames simultaneously. The resistance level ($99) is also very close to the psychologically important price of $100 – adding importance to a break.
And just as a reminder, this kind of setup was just what was happening in the Aussie Dollar back in May. And since then the Aussie Dollar has collapsed from $1.02 to $0.90. The Aussie Dollar was a breaking down support levels in multiple time frames. By contrast, Crude Oil is breaking up through resistance levels in multiple time frames. You can see the Aussie Dollar videos from May here and here.
Good luck with your trading.