Commodities Analysis and Opinion
Crude Oil at Crossroads: Next Move to Have Large Impact on Inflation
2023.04.21 14:33
concerns peaked last year when agriculture and oil prices peaked.
This year has seen inflation fears subside as key price inputs fall. BUT investors should not be complacent. Inflation risks remain.
Today, we look at a quarterly chart of to underscore the “behind the scenes” inflation battle.
Crude Oil Quarterly Chart
As you can see, Crude oil tested a 15-year lateral resistance level (combined with channel resistance) and has been on the decline since.
But it is currently testing its up-trend price support level at (1). And, in my humble opinion, future inflation reports will most likely be impacted by what happens at (1).
If support continues to hold, inflation will likely remain stubbornly high. Stay tuned!!
