Oil Could Be On Brink Of Terrifying Move Higher
November 5th, 2010
A bit over a week ago, I wrote, “Either that USDX support I’ve been mentioning holds, or we could see oil back over $100 in a few weeks.”
That support is, as of now, fully breached to the downside. And you know about the inverse relationship between oil and the dollar: Dollar lower, oil higher.
If it breaks above the horizontal resistance line indicated…
This is the most frightening chart I’ve posted in a couple of years.