'The charts, as interpreted by Carley Garner, suggest that the oil speculators have been mostly wiped out, so it's time to buy the dips,' he said.
Garner believes that if not for the Covid pandemic-induced crash and Russia's invasion of Ukraine, oil would've steadily climbed in a "bullish channel" starting in late 2019, according to Cramer.
"After each of those events, oil went back into the channel — notice that — which currently has a floor of support at $70 — you can see that — and a ceiling of resistance at $95," he said. Oil prices bounced off the $70 floor on Monday, and should be bouncing between these levels as long as the economy stays relatively stable, Cramer said. He added that while prices could dip lower to $65 if the market sees volatility over the holidays, Garner expects their upward trend to continue.
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