Crude Oil Futures Analysis- 10Nov2020

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.

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Crude Oil Futures Analysis- 02Oct2020

WTI Crude Oil Futures fell about -5% intraday but recovered to about -3% by end of day. And their correction has restarted today, and they are down about -4.65% currently. The short term trend is down, but its looking due for reversal.

The setup becomes weak below $40 per barrel, and the same weakness is playing out again. However, $35-36 are strong support levels and they are unlikely to break, so the current weakness can be used for buying with $36 as stop loss. We can expect a retest of $38-39 levels in the coming week, so those can be the targets. Summary of the trade setup for Crude Oil Traders: Aim to stay long above $36 for target $39.