Crude Oil Resumes the Bullish Momentum Again
Crude Oil retreated lower this week, but it bounced off the 50 SMA
Crude Oil has been really bullish since April last year, after it reversed from the lowest level ever, as it fell to $ -37 back then. Since then, buyers have been in total control, making new highs without letting the price retreat too low.
As a result, big levels have been broken without much resistance, such as the $ 50 and the $ 60 levels. Moving averages have turned into support for crude Oil, holding during retraces lower and pushing the trend higher.
Earlier this week, we saw a retreat to $ 63 from $ 68, but the 50 SMA (yellow) turned into support and held the decline. Yesterday the price started bouncing off that moving average and now US WTI Oil is trading around $ 3 higher, after bouncing off that moving average. That was a great opportunity to buy Oil, which we missed, but will wait for another retreat to that moving average and try to buy if that happens.
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