I am bullish on Crude oil futures for a trade here, following this week’s reversal higher.
The price of crude oil futures held above the lower end of its price channel and 50-day moving average. It is now oversold and attempting to pull off the reversal.
I have an initial price target of $69 but we could see price move higher if momentum builds.
I will use a stop at $60 and plan to take gains as price continues toward $70. All in all, a good risk/reward setup with a stop at $60.
Crude Oil Futures Trading Chart
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