Trader alert: This could be the most important commodity chart in the world right now
From Chris Kimble at Kimble Charting Solutions:
In the investing game, it can be painful if you are part of a crowded trade at the wrong price point.
The chart below reflects that a “Crowded Trade” took place in the crude oil market as it was hitting resistance.
CLICK ON CHART TO ENLARGE
On August 1, Premium Members shorted crude oil (DTO) in a pair trade as it was hitting resistance and the crowded trade was at extremes at (1).
Now crude oil looks to be breaking support at (2). A couple of weeks ago the Power of the Pattern was sharing that crude could fall to the $70 level.
No commodity on the planet is more important from an impact perspective. Keep a close eye on this key commodity going forward.