I recently wrote a bullish trading piece on Crude Oil as it was attempting to breakout above its down-trend line.
That breakout call was premature, as price has bided time in a sideways consolidation. Perhaps it was a sign of the breakout to come, however.
Once again, crude oil is attempting to breakout above $70 and its falling downtrend line. Further, momentum is trending higher.
We are bullish here for a trade and have a price target area of $76.80 to $78 (if the breakout holds). That’s about 10 percent higher. Stops will be important for any traders as price has been narrowing and is susceptible to volatility.
Crude Oil futures Price Chart
The author or his firm have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
