Crude Oil Breaks 3 Day Winning Streak

27 Nov in Blog, commodity consulting, commodity trading, crude oil futures, futures trading, heating oil futures, natural gas futures, option trading, seeryfutures, unleaded gasoline futures

Crude Oil Futures--- Crude oil futures in the January contract are breaking a 3 day winning streak down 77 cents at 58.15 a barrel weaker despite the fact that the products of heating oil & unleaded gasoline are higher in today's trade reversing some of the sharp gains we experienced last week.

I have been recommending a bullish position from the 53.15 level and if you took the trade continue to place the stop loss at 55.00 as the chart structure will start to improve in Thursday's trade therefore lowering the monetary risk as I think today is blamed on profit taking due to the recent run-up in prices. Oil is still trading above its 20 and 100 day moving average as this trend remains strong due to worldwide demand for this commodity coupled with improving economies & low unemployment in the United States as I think this trend could continue as we might be trading in the low 60s relatively soon in my opinion.

At the present time this is my only recommendation out of the energy sector, but I do have several bullish recommendations in many different sectors as I think the commodity markets look cheap compared to the U.S stock market which is hitting another all-time high in today's trade so continue to place the proper stop loss as 2nd guessing is the kiss of death in my opinion over the long haul.

TREND: HIGHER

CHART STRUCTURE: SOLID

VOLATILITY---INCREASING

 

 

 

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