The Crude Oil CL Surge November 7

Nov 7, 2017: 11:28 AM CST

It’s the Crude Oil Surge and Breakout!

Price reversed up off a key inflection point on positive divergences to set the stage for a bullish rally.

Let’s chart the course and update the levels for Crude Oil:

Chipotle CMG

In our weekly membership, we called for a bullish reversal up off the $45.00 pivot level as the beginning of a possible bullish rally phase.

We’re seeing that rally continue into the present with a series of higher highs and higher lows for Crude Oil along with price recently breaking firmly above the falling 200 day (red) SMA.

The initial targets (yellow highlight) of the prior two swing highs in price have been achieved as Oil continues to trade even higher in a new bullish phase.

Take a moment to review higher timeframe levels in the context of this new multi-month bullish swing in price and plan your trades accordingly.

Stay tuned as we continue to give you more daily updates and market commentaries!

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Corey Rosenbloom, CMT

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