If you recall, Omicron hit the markets pretty hard not that long ago.
And do you remember how WTI crude oil reacted? It took approximately a 20% haircut…
The market also experienced a knee-jerk reaction to Russia invading Ukraine, followed by some consolidation and an approximate 27% haircut that has already retracted nearly 10%.
This happens from time to time…
So you have to remember the entire world operates on energy, and the number-one source of broadly manufactured and used energy is crude oil.
Uptrend Alive
In my humble opinion, I do not believe that the uptrend has experienced a trend-changing event just yet.
If you take the knee-jerk out of the equation, the remainder of the uptrend remains alive and well.
We had a pullback, sure. But any definable trend is an impulse followed by a correction, followed by an impulse that surpasses the prior high or low depending on the direction.
Last week, the market had literally tested the 200-day simple moving average (SMA). It came within pennies of it and recovered quickly!
See it for yourself…
More important than where the price traded to and found support, look at where the price settled…
It literally settled at the support structure it had broken. This remains very bullish for this market long term.
Playing the Price Action
Some of you might be thinking to yourself that this is all fine and well, but how can someone make money from this price action?
Well, I run a service specific to this market here at Traders Agency called The Speciale Report.
And I’ve identified an option play that allows you to capture the upside while defining your risk before even entering the trade idea.
The best part? Current members and I are already in this trade, but if you join us today, you can take advantage of the same trade at a huge discount compared to what I paid to enter the very same idea.
With that said, like everything else in life, there are no guarantees it will work out.
But if I’m going to give something a try, I’d sure rather give it a try when it’s on clearance!
Take the Next Step
If you’d like to learn more about my approach, I highly encourage you to check out my premium trading service, The Speciale Report, which focuses exclusively on the crude oil markets.
We trade it in the futures, ETF and options markets, all of which give members the opportunity to trade at their comfort level.
That’s the beauty of The Speciale Report’s trade ideas… We accommodate all styles of traders.
There’s really something for everyone!
Rules to Live By
“Why are trying so hard to fit in, when you’re born to stand out” Oliver James
Until next time, I wish you a beautiful and blessed day!
Yours In Trading Success,
Anthony Speciale Jr.
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One Reply to “Is the Uptrend Still Alive for Crude Oil?”
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