Crude Oil Futures--- Crude oil futures in the December contract are currently unchanged at 54.15 a barrel after trading higher for the last 3 trading sessions hitting a new contract high in last Fridays trade as I've been recommending a bullish position from around the 53.15 level & if you took the trade continue to place the stop loss under the 10 day low of 50.87 as the chart structure will improve tremendously in Thursday's trade therefore tightening up the stop loss.
Oil futures are trading above their 20 and 100 day moving average as this trend is getting stronger on a weekly basis all due to the fact of strong demand coupled with the fact that prices are riding the coattails of the U.S stock market which continues to hit all-time highs telling you that worldwide economies and especially the United States economy are improving.
The U.S hit a 3.00% GDP growth the first time in 9 years which is a very good sign for oil prices and commodities over the long haul in general so continue to play this to the upside and you are not involved wait for some type of price dip before entering therefore lowering the monetary risk as I do think there's a possibility prices could touch the $60 level down the road.
Heating Oil and gasoline are right near contract highs as well as they have been incredibly strong over the last several months and if you notice at your local gas station prices are at their highest levels in months.TREND: HIGHERCHART STRUCTURE: SOLID---IMPROVING
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