Crude Oil Price Breaks To New 52 Week High.. $100 Barrel Next?
The price of crude broke out to a new 52 week high last week and looks poised to test $100 in the coming weeks. The 82 – 84 level had been a tough level of resistance for several months, but this firm breakout means that this level of previous resistance now acts as support and a potential spring board on the way up to $100. I had written earlier about a potential triple top in crude oil, but that pattern has now failed with this breakout.
At $100/barrel, that really starts to wreak havoc on an already shaky economy, so it will be interesting if the overall market begins to price that in.