Crude Oil futures are currently at $55.75, and they have been correcting for last 7 consecutive trading days, with accelerating value, with bulk of the correction coming in last 3 days. And it has failed a recent breakout in the rising trend channel. The current support is at 53, which should hold, and we can see a rebound to 57, and 60. The upside target is 64, after crude oil future close above 60 for two consecutive days. As mentioned in previous posts, crude oil will become bullish on closing above 60.

Crude Oil Futures are showing clear signs of bottoming out in this current fall. Current price is $52.86. Aggressive traders can go long even at current price for Target 55 and Stop loss 50. A clear bullish signal will come above $55, and crude oil can go upto $60 before facing fresh resistance and selling pressure. Observe the 50 day simple moving average (SMA), which is currently at $60.50 and its sloping downwards gradually. Once crude oil starts trading above its 50 day SMA, a fresh upmove can take it to $72. Long term support levels are around $45 on the lower side. Therefore, $50 is the absolute stop loss for any long trade as of now.