Trade_Setup

Crude oil grinding higher as buyers hold higher levels

NYMEX:CL1!   Light Crude Oil Futures
Crude Oil has been grinding higher off a key higher low at 51.35 as buyers are happy to go risk on into the commodity. Supporting price are hopes that a trade deal will be done soon to lift demand and also OPEC will be there to cut production also in support of higher levels. Watch to see how price reacts around the 60.75 zone as price may get stuck in a range between 60.75 and 51.35. We want to see a washout of the 60.75 level and then buyers to step into the action to support a higher low and a shoulder entry setup for higher levels.

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