Spot crude collapsed again today, hitting a low of $47.28/bbl. Based on an epic trend line and pivot support, pro traders are buying oil here for a lengthy bounce. Note the chart below. Oil was trading north of $77/bbl just a few months ago, now down almost 40%. This level should yield the first multi-month bounce in crude. Oil could see a move as high as $60/bbl over this period.
USOIL
Gareth Soloway
InTheMoneyStocks
USOILGareth Soloway
InTheMoneyStocks
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.