Crude oil – upward momentum solidifies in oil
We can see that price exploded higher last week after briefly testing $45.00 support, in the weekly crude oil chart below.
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This market has clearly been taken back by bulls and we are looking to be buyers while price is above $43.10 key support level.
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In order to trade with the bullish momentum, I am looking for a retrace to value, followed by a price action buy signal to confirm an ideal entry.
With the recent production cut by OPEC sending prices higher, there’s potential upside back up to $52.00 key resistance area. As always, trade at your own risk.
This article was written by Nial Fuller. Nial is a highly regarded professional trader and author. He is the founder of Learn To Trade The Market, the worlds foremost trading education resource. To learn more, visit www.LearnToTradeTheMarket.com