Crude Oil Futures Bullish Reversal Higher Targeting $70

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

crude oil futures bullish reversal breakout buy signal chart april 28 news

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.

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