Crude Oil & Exxon Testing Long-Term Breakout Levels

Crude Oil has been moving higher of late, putting it at a price point that looks to be important from a long-term perspective.

Below looks at Crude Oil over the past 10-years and how it is facing a key breakout test on Halloween:

As mentioned above, Crude Oil is kissing the underside of long-term falling channel (1) and 2017 highs at the same time at (3). It humbly appears to the Power of the Pattern to be a very important price test for Crude.

Below looks at the pattern in Exxon (XOM) over the past few years:

Exxon hit 7-year support recently at (1) and the rally of late has it testing the top of a falling channel and highs earlier this year at (3).

What Crude and Exxon does at these key breakout tests look to be very important for the lagging Energy sector.

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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