Oil Is in a Choppy Uptrend. Where Will Prices Go From Here?
See on the daily bar chart for October crude oil futures that prices are in a choppy uptrend, which means the bulls have the overall near-term technical advantage. The path of least resistance for prices is sideways to higher.
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Fundamentally, the U.S. economy is healthy and China's economy is also growing at a decent clip. The world's two largest economies being in fairly good shape means most other industrialized economies are holding their own, too. That's bullish for crude oil from a demand perspective. On the supply side, there is always the specter of Middle East turmoil that has in the past and will likely again disrupt crude oil shipments out of the region.
A move in October WTI micro crude futures above chart resistance at $66.00 would become a buying opportunity. The upside price objective would be $75.00 or above. Technical support, for which to place a protective sell stop just below, is located at $62.50.
IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any trades and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.
Here is what the Commodity Futures Trading Commission (CFTC) has said about futures trading (and I agree 100%):
Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.
On the date of publication, Jim Wyckoff did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
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