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TFC Commodity Trading Forum

Crude Oil – Crude Oil hits strong long-term supp *LINK* *PIC*

Crude Oil – Crude Oil hits strong long-term support level - The Crude Oil market has hit a key long-term support area down near 74.00 – 75.00 and it appears to be holding here as price has bounced aggressively on each test. Note, the multiple inside bars on the daily chart time frame that have broken to the upside, this is encouraging for bulls. We see two potential plays here off this key support level: Traders can look for a price action buy signal as ‘confirmation’ for a long entry between 74.00 and 75.00, or more aggressive traders