Crude Oil Bulls Eyeing $80.00 a Barrel

Crude oil futures futures at the New York Mercantile Exchange on Thursday set an all-time record high, basis nearby futures. And in after hours trading Thursday afternoon prices pushed above $77.00 a barrel. Bulls are very strong–both technically and fundamentally–in the crude oil market. The next major upside price objective for the bulls is major psychological resistance at $80.00 a barrel.

Click on the chart to enlarge
August Crude Oil Futures
If the Middle East tensions continue to escalate, that price level will probably be reached–and sooner rather than later. Would-be top pickers do not want to stand in front of this steaming locomotive. But for those traders who do strongly believe that a market top is close at hand, or will occur soon, buying put options would be the safer method to play that notion. Look for very high volatility in the energy futures markets in the coming trading sessions.
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