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Well, there’s no denying it. The beautiful rounded tops that were taking place in energy commodities are long-since busted. The last, best hope for these was actually just before the election, but since then, we’ve seen almost nothing but unabashed ascents in crude oil…………
Texans trudge through the snow on Interstate 35 in Austin (image via the Texas Department of Transportation).
I would like to suggest that commodities have peaked, at least for the medium-term. Take note of where we are on the Fibonacci retracement.
In case there are any futures traders out there, you might want to take a look at heating oil, which has a trio of rather extraordinary tops.
As we prepare for the week ahead, let’s glance at some charts of long-term commodities. I have a few things to say about each in the caption area.
