The recent downward Crude Oil trend may have caught many traders by surprise. Just before the US Fed raised interest rates on June 15, 2022, Crude oil was trading above $120ppb. Less than 5 days later, it collapsed -12{d9c4d960ee45891fbf714ed8da589b701a1be4efa840b87811584c6b796cb03f} and has continued to trend lower. Currently, Crude Oil is near -17{d9c4d960ee45891fbf714ed8da589b701a1be4efa840b87811584c6b796cb03f} lower than recent highs.
It appears Crude Oil has confirmed resistance near $120 and is devaluing as consumers pull away from traditional driving/spending habits while the Fed aggressively attempts to burst the inflation bubble. This type of contraction in Crude Oil is very similar to what happened in 2008-09 when the Global Financial Crisis (GFC) hit – Crude Oil collapsed more than -70{d9c4d960ee45891fbf714ed8da589b701a1be4efa840b87811584c6b796cb03f} after IYC started trending lower in 2007….Continue Reading Here
SOURCE: The Crude Oil Trader – Read entire story here.
