Well Practiced Range Provides Opportunity
U.S Crude Oil has provided traders with rather turbulent conditions the past month, but it has also produced a well-practiced range.
After touching low water marks late last week, U.S Crude Oil showed the ability to bounce from support, and the commodity is now near 62.00 U.S Dollars a barrel. It should be noted, support seems reasonably solid around 60.00 Dollars, while resistance may be interpreted close to the 63.25 level.
Suggested Articles
U.S Crude Oil Set for Bullish Speculation
The broad markets may be recovering from their late January and February storms. Friday’s rampant buying across global equities and the slightly weaker U.S Dollar, may be setting the stage for speculators to re-emerge in Crude Oil.
A look at the commodity’s long-term range shows a fairly consistent trend. Yes, U.S Crude Oil has faced headwinds the past month, but bullish speculators may find opportunities based on the belief values will climb and test critical resistance.
In the short term, we believe U.S Crude Oil may be positive. The mid-term and Long term we are unbiased.
Yaron Mazor is a senior analyst at SuperTraderTV.
SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter.