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Crude Oil Price Update -Next Major Move in the Hands of Trend Traders
There is no “trigger point” for a breakout on Monday. The price action will be determined by the trend traders. If the trend buying remains strong then traders will try to take out Friday’s high at $60.39. If the trend traders decide to sell then look for a potential pullback into the support cluster at $58.91 to $58.66.U.S. West Texas Intermediate crude oil futures settled higher on Friday after hitting a multi-month high early in the session in reaction to the announcement of a trade deal between the United States and China, and following the huge victory by the U.K. Prime Minster Boris Johnson’s ... (full story)