Announcement : May Life-Time Membership Special - Save 30% Off Nial Fuller's Trading Course (Ends May 31st) -
Nial Fuller

Professional Trader, Author & Trading Coach

Bullish Signs For Crude Oil Whilst Above 49.30 – 20th December 2016

author thumb
By in Forex Trading Commentary Last updated on | One Comment

Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here

As we discussed in this week’s weekly chart analysis, Crude Oil has been trending higher and we have been looking to buy, in-line with that trend. As we can see in the chart below, the price of West Texas Intermediate crude oil remains buoyant above the support level at $49.30 a barrel; a level we have been look to buy from or near recently.

From here, we would ideally wait for a clean price-action buy signal before recommitting to a long position, for those not already long. More experienced traders might like to put on a long trade intra-day while the price is still supported at or above the $49.30 level. Look to buy on weakness as long as the trend remains intact.

Want More Trade Setups Analysis ? In the members’ daily trade setups newsletter we discuss potential trade setups and provide detailed chart analysis on Currency Pairs, Commodities, Stock Indices and more. For more information click here.

About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 20,000+ students since 2008. In 2016, Nial won the Million Dollar Trader Competition. Checkout Nial's Professional Trading Course here.
  1. Kate M January 16, 2017 at 10:07 pm

    I guess that gap down now changes GBPUSD outlook! Maybe.
    Thanks for the analysis!


Leave a Comment

Your email address will not be published. Required fields are marked *