Nymex Crude Oil

Nymex Crude Oil Sees Bullish Upside “Breakout” this Week

The Nymex crude oil futures market this week popped higher and hit a five-week high–to produce a bullish upside “breakout” from a sideways trading range on the daily bar chart. This is one early clue that crude oil prices could be embarking on a fresh price uptrend. However, the bulls must now confront stiff overhead chart resistance at the $50.00-a-barrel level. A close above $50 would give the bulls fresh momentum to better suggest a near-term price uptrend can be sustained.. By the way, I have some educational tools that can help you out. Click here to find out more about my unique educational products.–Jim

Also, check out my reviews of a couple of market analysis software programs that I think are useful for traders. They were developed by markets analysis software pioneer Lou Mendelsohn.

Click below.

Jim Wyckoff’s review of VantagePoint

Jim Wyckoff’s review of TradeShark

 

Stay tuned! Jim Wyckoff jim@jimwyckoff.com

 

(Analytical chart above is derived from FutureSource’s WorkStation)

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