Trade Update: Crude Oil (WTI) Continue to Move Higher & Getting Near Our Next Take Profit Level
Crude Oil WTI continues to climb higher following our Buy signal back at $52.50. The technical chart set up we discuss here before (see last post update regarding the break above the important $55.0 level), as well as the market conditions that support this move (see our last post below regarding Saudi Arabia oil production cut) lead crude oil WTI to continue push higher to current $57.3 level and our next Take Profit level at $59.0. We suggest traders holding this position to enter a stop loss level at $54-55 so this trade will remain profitable no matter what crude oil will do next.
See update on chart below.
Our February 14 trade update: Following the run in Crude Oil (WTI) price into our First Take Profit Target at $55 on January 31st, our followers were able to lock in profit on half of their position, after a $2.50 move in our direction (buy signal was at $52.50). During February, we have seen crude oil price consolidating and finding nice support above $51.25. Currently, Crude Oil is trading at $54.47 and if we push higher and close above the important $55.50 level, we should see Crude Oil gaining momentum again and moving into our Second Take Profit Target at $59.0 (just below the 50% Fib retracement line at $59.50 level, see chart below). The renew positive price momentum is reaction for continue oil production cuts by Saudi Arabia. The chart for crude oil also shows classic bullish reversal chart pattern (reverse head & shoulder and cup & handle patterns) that usually cause price to continue move higher. We suggest current and new traders to have a position in crude oil before a major move up.