Last time I updated on the crude oil futures in May 2019, I asked if “You Were Waiting for Crude Oil at $20”. Both the weekly chart and the monthly chart had a bearish outlook as the price of crude topped at $66.60 and then it plummeted below $60. The targets were set between $32 and $22. Check out the poll results below.
Most of you voted that the price would tag the former bottom of $26. As we know now, the price indeed dropped heavily, but it couldn’t break below $50 and bounced back up from there. So the majority result was the closest call, although with a considerable difference.
The chart structure had changed since then and I am happy to share with you the emerging buy setup for crude oil futures with a considerable reward opportunity. Let’s start with an updated weekly chart below to see the idea. Continue reading "Crude Oil: Buy Setup With 1:6 Risk/Reward Ratio"