Overhead Resistance in Crude Oil

Crude Oil futures face significant overhead resistance. However, this does not mean that we are at the top. As inflation rages, CL may eventually break the $92-$100 chop zone. For traders who are long CL, this chop zone is a good exit point and a strong volume close above $100 a reentry point. It is likely that even if CL does not break through the $100 level, prices will remain high. Taking profits in CL and moving into Exxon or Chevron and collecting strong dividends could be a way of maximizing profits on this trade until it breaks through the chop-zone to the upside or inflation subsides and CL breaks down.