Crude Oil Futures have been correcting almost daily since the large spike in prices on 15-16 Sep 2019 after the accident at Saudi Aramco refinery, which has about 5% of global capacity. That price spike was mostly on short covering and with the assurance from Saudi Aramco that their refinery output will be fully restored by end of Sep 2019.
WTI Crude Oil Futures are bullish above $54 per barrel, and they have already formed a strong base at 50-52 level. Brent Crude also has bullish outlook above $60 per barrel.
As shown in the above chart, there are multiple trend lines offering support to prices between 53-55 levels. These are suitable levels for buying for 1 dollar gain per trade.
Our Crude Oil Futures Trading Strategy is to buy at all levels between $50-55 per barrel, for selling between 55-57 levels. These trades are likely to restart from October first week. We will consider 50 as the absolute stop loss for all long positions.