BZ Chart Of The Day: Has Oil Peaked?

Markets have memories. This means oil prices may have peaked, at least for now.

Between April 2011 and June 2014, oil reached its current price levels a number of time; each time the rally stalled out and a move lower followed.

See Also: 6 Of The Best Energy Stocks To Buy And Hold As Oil Prices Surge

Once again, oil has run into resistance at around $108 a barrel. Considering the recent move higher, it wouldn't be unusual to see some profit-taking. Sometimes short-term trading can overpower longer-term dynamics. This could cause a move lower.

It inflation continues to rise, and right now it seems like it will, the price will break through this important level. This could set the stage for a new uptrend to form.

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