WTIC Crude Oil Price Per Barrel History with Resistance and Support Levels

KirkLindstrom.com - Articles - 2015 -WTIC West Texas Intermediate Crude Oil Price Per Barrel History

	WTIC Crude Oil Price Per Barrel History Resistance & support levels for crude oil prices
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January 1, 2015: This graph shows the price of WTIC crude oil from January 1, 1990 through today, January 7, 2015. I also show the exchange traded fund for the energy sector, XLE, along with a graph of the S&P500 ($SPX) and the US dollar ($USD) for comparision. Key items of note:

XLE has a bearish break below its neckline at $80. For more charts of XLE, see XLE Charts
The price of oil made a bearish break below the dashed blue wedge pattern in late 2014. Some of my readers asked me if it was a good time to buy energy stocks. Other than a very speculative play in a penny stock in late December, that has nearly doubled as of today, my answer was NO!
On page 12 of my Dec 21, 2014 newsletter I published my targets for where I think a "fat pitch" was for buying the energy sector, XLE specifically. I said, "buying here at $80.57 is like swinging at a Maddison Bumgarner heater on the low, outside part of the strike zone. If you never played baseball, those are very hard to hit, especially for a home run." Then I gave targets for easier pitches to hit... including a T-ball pitch.
The price per barrel of oil has reached the first of three fairly strong support levels: $48 is the dashed orange line, $42 would be the target for the dashed blue wedge breakdown and $35 to $40 is the solid yellow band.

Current Crude Oil Price Quote
WTIC = West Texas Intermediate Crude Oil Rolling Contract Prices

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Current Crude Oil Price Chart

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Note 1: chart courtesy of http://stockcharts.com


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