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This week, oil broke above the key $50 level for the first time since October 2015. Yet rather than interpret the move as a sign to buy, one top technician is warning investors not to chase the rally.
"I think it's all about risk-reward and there's probably no more important chart right now than the oil chart," Chris Verrone, a technician at Strategas Research Partners, told CNBC's "Fast Money " this week.
According to Verrone, it's the steepness of the move that bothers him most. In the past 72 days, oil has moved 20 percent above its 200-day moving average. "It looks excessive to us, we think there's a higher likelihood you come back and retest the 200 near 39, 40 bucks," said Verrone.