Crude Oil – Role Reversal Level Holds, Bullish Bias | Jun 24th

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Crude Oil – Still Holding at 105 Support
Last week we talked about buying on a pullback to the 105.21 – 104.75 area. This trade setup worked out gaining over +150 points in the process before pulling back. In this weeks market commentary, we suggested looking for buying opportunities near the same role reversal level, and for a second time, the commodity has bounced off this support zone.

This suggests the bulls are willing to hold the line for now, so we will maintain a bullish bias while above this support zone. If the level holds this week, then the commodity should retest the recent highs around 107.30 before sellers will consider entering again.

oil

While summer volumes are low, read our Trading Forex in Summer Guide to give you more trading setups.

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