Crude Oil Bullish For A Trade: Buy The Pullback

Guy Cerundolo

Following Monday’s one-day 10 percent spike in the price of crude oil, traders have been taking profits.

After rising as high as $63, crude oil futures have pulled back under $59 are nearing a buy zone.

My individual research has higher price targets that are yet to be hit, so we’re still bullish until proven otherwise (stops).

I use displaced moving averages to help identify buy and trigger points to stay within the current trend.

If crude oil futures prices can hold above upper magenta line, it’s a buy.

Also, any weekly close over $62 should then target $67.

Crude Oil Futures

crude oil spike higher bullish buy traders chart image september 18

The author may have positions 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.

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