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Oil and Gas Discussion BB
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Chart of the day - Crude Oil
With a barrel of oil now able to be had for under $45 dollars a barrel, today's chart presents the current, long-term trend of West Texas Intermediate crude. As today's chart illustrates, crude oil traded within the confines of a long-term upward sloping trend channel since the late 1990s. However, with the dramatic 59% plunge from mid-2014 to March 2015, crude oil broke below support (green line) of its 17-year long-term trend channel. Today, largely as a result of economic reports that indicate that the Chinese economy continues to slow and adversely impact the global economy, crude oil traded sharply lower -- once again pulling away from resistance (red line) of its two-year downtrend channel. Notes: Where should you invest? The answer may surprise you. Find out right now with the exclusive & Barron's recommended charts of Chart of the Day Plus. Rate today's Chart of the Day Excellent 5 4 3 2 1 No good By voting every day you help us get you the charts you want to see. Quote of the Day "To keep a lamp burning we have to keep putting oil in it." - Mother Teresa |
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