It looks like WTI Crude Oil futures have broken their uptrend today, after hitting $43 per barrel. In the last 10 days, since 1st Nov, the WTI Crude Oil futures have moved up from 34 to 43, nearly 25% gain, which would be amplified 5-10X when we trade with futures.
As per the above chart, the uptrend clearly breaks below 41, so 41 should be the stop loss for all long trades. As mentioned in previous posts, we can stay long above 40, for targets of 44-45, and then 49-50 per barrel. There are two level of Crude Oil Support, one at 39-40 level and other at 34-35 level.
Crude Oil futures are in uptrend currently, and our Crude Oil trading strategy is to buy on corrections and take profit on rallies. The long trades from 37 to 40 has been a reliable trade, and we have done it thrice in last 2 months.
Crude Oil Price Outlook: We should be prepared to see constant readjustment of crude oil prices between $35 and $45 over next 3 months, because the global economic growth is still weak, and crude oil will keep facing supply pressure as soon as it goes towards 45-50 level.
Please contact us to learn more about Crude Oil Trading Service. Thanks.