Setups In Crude And USD Suggest Inflation ‘Shock’ Is Staring Right At Us – Investing.com
- Date: 26-May-2021
- Source: Investing.com
- Sector:Financial Markets
- Country:Gulf
Setups In Crude And USD Suggest Inflation ‘Shock’ Is Staring Right At Us – Investing.com
Pick your inflationary poison: Higher prices, or a much lower U.S. dollar. Or both?
My daily chart of July NYMEX crude oil shows the remarkable, relentless upmove from the April 2020 low under $10 to the March 2021 high just above $68. All of the action since the March 2021 high has the right look of a completed or nearly completed 10-week high level bullish digestion period and pattern that is poised for upside continuation.
A sustained climb above $67-$68 will trigger higher projections into the $74-$76 next target zone. Only a sudden sharp bout of weakness that breaks powerful, consequential support at $60-$62 will severely compromise the very constructive set up.
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