Crude Oil Futures (WTI) are at $53.94 per barrel, and they have a strong support between 53-54 levels. Interesting fact is that in last 17 trading sessions, the crude oil futures have done a green closing on only one day, and that the was day of the massive spike up after the supply disruption at Saudi Aramco refinery.
WTI Crude Oil Price Outlook:
- Crude Oil Futures should retest 56 at least once in Oct 2019. A retest of 57 is also possible, but there will be constant selling pressure on each upmove.
- Our crude oil trading strategy of buying on corrections and selling on rallies has restarted this week, and we have bought at 54, for target 56 and stop loss 51.
- More buying can be done between 53-54 levels, because crude oil should find support at current levels for a pullback rally towards 56.
- Please Note: In case of any new supply disruptions, we will see another spike towards 59-60 levels.