Crude Oil Retests Its Breakout Point – Another Long Signal?

Crude Oil futures came down to retest its breakout point at $108.79 today but did not close below that level.

As long as we hold above this level and do not close below it, this is a bullish sign for crude and creates a buy opportunity for traders.

Some analysts are forecasting $120 to $140 for crude oil. According to Marketwatch, the president of Lamoureux & Company, a market advisory firm based on behavioral economics, set a new price target of $140 for WTI crude about two weeks ago. The Syrian crisis was not the basis for this prediction.

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Alessio Rastani is stock market trade at www.leadingtrader.com.