Jim Cramer featured the WTI crude oil futures market analysis written by Carley Garner, a commodity broker with DeCarley Trading, in his Off the Charts segment!
"Don't let the breathless commentary fool you," the "Mad Money" host concluded. "The charts, as interpreted by our own Carley Garner, paint a very clear picture: even as it see-saws between the low $40s and the low $50s, oil is stuck in a tight trading range, at least until something changes, like a geopolitical event that can cut back production worldwide, at least, or a dramatic slowdown in U.S. drilling — maybe the rig count comes down big on Friday — or a huge pickup in oil use. Right now, though, none of those seems to be in the cards."
- "Mad Money" host Jim Cramer uses technician Carley Garner's charts to track crude oil's movements.
- Crude oil has been trading in a relatively tight range, and Garner does not foresee any meaningful breakouts.
- Cramer says something drastic needs to happen in the oil space for crude to push out of its range.