The chart above looks at the most important commodity on the planet, which is Crude Oil.

This is a “Monthly Closing” chart on Crude oil, all the way back to 1983.

The Power of the Pattern applied Fibonacci to the lows in 1998 and the highs in 2008.

In 2009 during the financial crisis, Crude Oil hit its 23% Fibonacci support level, which ended up being a great entry point.

Currently Crude Oil is now breaking below the 23% Fib level at the red arrow above.

Has Crude Oil lost its importance on a global scale or is the break of the last Fibonacci support level, sending an important message about the worlds economy at this time?

We believe Crude Oil remains important on a global scale and one should respect its global message if it fails to hold at this important Fibonacci retracement level. This is a monthly chart, its would appear to be very important for Crude, where it closes at year end.

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