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Nial Fuller

NIAL FULLER
Professional Trader, Author & Trading Coach

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

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By in Forex Trading Commentary Last updated on | One Comment

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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.

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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!

    Reply

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