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Introduction
Its time to take another quick look at Crude Oil futures today. In our previous analysis, we noted a bullish flag forming, and the price is attempting to break out of it today (12 October).
With the price currently at $92.96, a few points higher, we have a real candidate for a bullish trade. We need to see the buying power continue, so it’s not a false breakout that could lead to prices falling below the 50 moving average.
Possible Trades
Long trades can be taken above 93.68 with targets of $108.82. If we see a reversal and prices drop below $86.86 then this long setup is invalidated.
This analysis is for educational and informational purposes only and does not constitute trading advice or a recommendation to buy or sell any futures contracts. Futures trading involves significant risk and may not be suitable for all investors. Always conduct your own research and consult with a licensed financial professional before making trading decisions.
