Crude Oil Resumes the Bullish Momentum Again
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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