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How High Are Crude Oil Prices Going ?

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Crude Oil Futures---Crude oil futures in the December contract are trading higher for the 2nd session after settling last Friday in New York at 53.90 while currently trading at 55.05 up about $1.15 for the trading week continuing its bullish momentum right at a 6 month high.

I have been recommending a bullish position from around 53.15 & if you took the trade place the stop loss under the 10 day low which now has been raised to 51.55 as the chart structure will start to improve as well lowering the monetary risk.

The energy sector as a whole is very bullish and is one of the strongest trends out of the commodities at the current time as unleaded gasoline continues to carry this market on its back as I still see higher prices ahead as I'm looking at adding more positions once the chart structure and the risk/reward become more in your favor.

The next major level of resistance is the April 12th high of 55.02 & if prices can close above that area then look to head up to the 56/57 level and as I have written about in previous blogs I think we can trade above $60 as strong demand continues to prop up prices as this is now riding the coattails of the U.S stock market. The monthly unemployment report was released today stating that 4.1% is the unemployment rate which is a 17 year low and a bullish fundamental indicator towards crude prices.TREND: HIGHER CHART STRUCTURE: SOLID

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

Skype Address: mseery TWITTER---@seeryfutures



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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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