MacroVoices #384 Darius Dale: Blow-Off Top Coming Before Bears Get Validated
Macro Voices
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Crude Oil: A Support Line and a Support Line
The one-year oil bear market that has seen oil half itself off the major highs, we have a scenario where it's spent a considerable amount of time below the 200-day moving average. The way I look at this is that if crude oil can start working up and sustain price action in the $75 to $80 area, it will be doing some technical repair work. You'll probably take the rest of July for this chart to keep constructively building. Then we're going to really find out whether or not something more bullish can happen on a sustained basis.
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