There is a buying opportunity setting up in crude oil.
The price exploded higher last week after briefly testing the $45 support level, as shown in the weekly crude oil chart, below. This market has clearly been taken back by bulls, and we are looking to be buyers while the price is above the $43.10 key support level.
In order to trade with the bullish momentum, we are looking for a retrace to value and/or a price action buy signal to confirm a long entry into this market. There is potential upside back up to the $52 key resistance area.
This article is commentary by an independent contributor.