Crude Oil has been pushing higher in recent weeks and was right around key long-term resistance at $51.60 a barrel on Thursday.
Given the bullish price action and momentum in this market, the strategy of choice in coming days is to buy crude oil on any pullbacks to the support zone between $47.70 and $49.30. A potential upside target lies at $54.80, and a higher target is up near $60.
Below are weekly and daily price charts for this commodity. The daily chart clearly shows the aforementioned support/buy zone. It also shows that prices bounced up from the 21-day exponential moving average (blue line).
Crude Oil Weekly Chart -- Bulls Are in Control
Crude Oil Daily Chart
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