Along with stocks, oil has also seen a dip in volatility recently. As shown in the first chart below, oil has been stuck in a very tight range between $105 and $108 since the start of March. Oil's bullish technicals remain firmly intact, however, as it has managed to hold above key support. It appears as if oil is in another consolidation phase as it recharges to make that next leg higher. All bets are off if it breaks below $105 though.
A better look at the drop in oil's volatility is a chart of its rolling 15-day high/low spread. This looks at the difference between oil's highest price and lowest price over the last 15 trading days. As shown, over the last 15 days, the difference between oil's high and low has been just 4.3%, which is the lowest level seen since at least the start of the bull market.
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