CRUDE OIL TRADE ALERT (2:45 pm EST)
It looks like crude oil prices may have formed a double bottom on Monday to the lows of two weeks ago and crude could be starting a new cycle from this bottom. A short-term bullish signal appeared in crude charts yesterday that pushed prices over a resistance at $92. Today the price seems to be resting above that $92 level so I am going to go long here with a stop loss around $91. The war with ISIL could fuel a rally in crude now as the U.S. military is specifically targeting oil production facilities taken over by ISIL in an attempt to choke off their funding. Because crude prices can be very volatile under the current circumstances I am investing only a moderate amount of money in this trade. Opening a long position in crude oil today.
It looks like crude oil prices may have formed a double bottom on Monday to the lows of two weeks ago and crude could be starting a new cycle from this bottom. A short-term bullish signal appeared in crude charts yesterday that pushed prices over a resistance at $92. Today the price seems to be resting above that $92 level so I am going to go long here with a stop loss around $91. The war with ISIL could fuel a rally in crude now as the U.S. military is specifically targeting oil production facilities taken over by ISIL in an attempt to choke off their funding. Because crude prices can be very volatile under the current circumstances I am investing only a moderate amount of money in this trade. Opening a long position in crude oil today.
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