Believe it or not, crude is just pennies away from being in a bull market.
That’s because the price of a barrel of crude has rallied almost 20 percent from its March lows. And according to one well-known technician’s chart work, the next few sessions could set the stage for a massive rally.
“Oil has been establishing a plateau for the past couple of months,” said Louise Yamada, managing director of Louise Yamada Technical Advisors on Thursday’s “Futures Now.” “This plateau for crude has been testing $54 which represents resistance and $42 as support.”
On a long-term chart of crude oil from 1999, Yamada noted that the commodity has stalled out at a critical level.