Monthly Crude Oil
Crude oil has been tanking as it breaks 3-year rising support. So where does long-term support come into play?
This chart looks at crude over the past 35 years. Crude spent most of the past three decades inside of rising channel (1). It hit the top of this channel back in 2008, where it has created a series of lower highs ever since.
The rally off the 2016 lows saw it hit its 38% retracement level at (2), where it looks to have created a monthly double top at this key resistance level.
Crude oil is breaking down after the double top, which suggests that over time, it could test rising channel support at the $39 level at (3).