Crude oil remains in an uptrend overall, despite recent sideways chop/consolidation.
We remain very bullish on this market and are keeping our eyes on nearby support levels to watch for price action buy signals on pullbacks.
Notice in the chart below that support lies nearby at the $52.20 area, a potential buy level if we get a clear signal there.
But the key support is further down near $49.30. That level is really the line in the sand for bulls, and while we remain above that level, we will be watching any temporary weakness or pullbacks to support as buying opportunities.
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