Crude Oil

Here is an interesting level in crude. The $38 level, which acted as support earlier this decade, now is a long term level of support. It tried to penetrate this level for a couple of days, but it was not able to hold. Looking at a shorter term chart Crude looks like it could continue lower. I see a descending triangle, which could easily breakout to the downside. I would like crude oil to sit here above the $38 level for a little while. The longer it stays above $38 the more confidence I will have the the lows have been put in. If crude is able to hold I would look into Oil Producers and Oil Service companies.

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