The price of crude oil is breaking out today as shown in the chart below.  At $74.73/barrel, crude is now at its highest level in nearly four years.

While the five-year chart above looks relatively constructive, an even longer term chart going back to 1990 looks more daunting for oil bulls.  For the chart below to turn more bullish from a technical perspective, we’d want to see price move above resistance near $110.

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