Crude Oil Price Action Suggests Higher Prices – 20th October 2016

Crude Oil Price Action Suggests Higher Prices – 20th October 2016

- in Forex Trading
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Crude Oil – Oil moving higher

Crude Oil remains strong and we remain very bullish on this pair as we discussed in our members weekly trade setups commentary from this week. Notice on the weekly chart below that price is pushing up through long-term key resistance at $51.60 right now as the recent bullish momentum continues to drive prices higher. Traders can look to buy crude oil on any short-term price dips whilst prices continue to close above key support levels at $47.70 and $49.30. We see potential upside targets at $54.80 as well as further up, near $60 area.

oil

Crude Oil daily chart – Notice the key support/buy-zone between 49.30 – 47.70 and that prices bounced up from the 21 day ema (blue line); whilst prices remain at or above that support area, we can watch any weakness for buying opportunities.

oil

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