The crude oil market is trending higher as the bulls remain in control.
As we can see in the chart below, the price of West Texas Intermediate crude oil remains buoyant above the support level at $49.30 a barrel. We saw the price test the recent highs at $52.00 and move higher before retracing lower last week. Crude oil is now consolidating just above that $49.30 support before its next move.
From here, we would ideally wait for a clean price-action buy signal before recommitting to a long position. More experienced traders might like to put on a long trade intraday while the price is still supported at or above the $49.30 level. Look to buy on weakness as long as the trend remains intact.
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