Crude oil hits take profit – What’s next?

It has been a nice trade on crude oil as our forex trading signal helped us close like 42 pips. Recalling our earlier update Crude oil going nowhere, can API report help it? Oil just had a breakout and it has already achieved $71.20.

Crude Oil – 2 Hour Chart

For now, I would like to wait for a retracement until $70.75 to take another bullish signal. The closing of bullish engulfing candles is suggesting that the buying power is very strong and crude oil may continue moving into the bullish direction. Thus, the violation of $71.20 can lead oil prices towards $71.60. Good luck!