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Boundary Lines in Crude Oil

|Includes: The United States Oil ETF, LP (USO)

The other day I was looking  at a 20 year monthly chart of Oil and trying to figure out where this current rally may top out at. After tilting my head from side to side, this is the best I could come up with for upper and lower boundaries. The yellow lines is where I simply connected the angles. It’s interesting how the vertical one follows the chart straight down while the horizontal acts more like a magnet for the price.

For what it’s worth, I’m short term bearish on this commodity and very curious to see if that short term trend takes us down to the $85 level, where I would expect it to bounce.