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Are Crude Oil Prices Going To $60 ?
Tuesday, October 31, 2017

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

If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-312-224-8140 I will be more than happy to help you with your trading or visit www.seeryfutures.com

Skype Address: mseery TWITTER---@seeryfutures

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There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.

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About the author

Michael is the sole owner of SEERYFUTURES.COM which is a commodity futures and options consulting, advisory, and educational firm.

Michael frequently appears on multiple business networks including Bloomberg News, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He also writes market commentary for several commodity websites and is interviewed for commodity comments by the Wall Street Journal. He is also a guest on First Business, which is a national and internationally syndicated business show.

Michael started his career in 1990 at the Chicago Board of Trade as a runner. He soon worked his way up to becoming a Series 3 broker. He works with seasoned traders as well as novice beginners educating them on trading the futures markets as well as using simple and complex option strategies. Michael covers all markets including grains, metals, energies, and all other futures markets that are traded.

To Michael the biggest lesson any trader needs to learn is risk management. Michael believes this is the most important factor in trading. He also works with traders to help them determine the proper risk for their trading style. Michael has spent a lot of time educating his clients to help them understand trading strategies and trading techniques while enjoying spending quality time with customers going over the markets or just talking general trading philosophies.

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