Crude Oil – Bullish trend in oil continues
As we discussed in this week’s weekly trade setups analysis, Crude Oil has been trending higher and we have been looking to buy, in-line with that trend. As we can see in the chart below, the price of West Texas Intermediate crude oil remains buoyant above the support level at $49.30 a barrel; a level we have been look to buy from or near recently.
From here, we would ideally wait for a clean price-action buy signal before recommitting to a long position, for those not already long. More experienced traders might like to put on a long trade intra-day while the price is still supported at or above the $49.30 level. Look to buy on weakness as long as the trend remains intact.