This is a look at the price of oil from the standpoint of chart movement -- how seriously has news of oil tanker explosions affected price?
When oil tankers in the Strait of Hormuz are exploding and burning, it's not surprising to see the price of oil jump. What's odd is how little it popped this week as news video showed flames and dark, billowing smoke coming off 2 ships making their way through that strategic narrow waterway.
It's almost as if petroleum market participants do not view the news as all that serious -- or that deeper, more significant economic forces are at work. Here's what the daily chart looks like for crude:You can see that the price topped out at 66 in April and then dropped down below the uptrend line connecting the late December, 2018 low with the March, 2019 dips. It remains below the
It's never really completely recovered from that era. Each subsequent high has been lower than the previous -- in effect, the downtrend continues. That needle-stick price candlestick in early 2016 suggests quite a bit of support at the 30 level if we ever get that low again.stockcharts.com
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