I Remain Bullish Crude Oil
Michael Seery of Seery Futures - InsideFutures.com - Tue Nov 21, 11:10AM CST

Crude Oil Futures--- Crude oil futures in the January contract are trading higher by $0.35 currently at 56.77 a barrel as I was originally recommending the December contract from around 53.15 as we had to rollover into the January due to expiration so now place the stop loss under the 2 week low standing at 55.00 as the chart structure will not improve for another 6 trading sessions.

Crude oil continues to trade near contract highs due to the fact of strong worldwide demand, but for the bullish momentum to continue in my opinion prices have to crack the November 8th high of 58.14 as I still think there's a possibility we could trade in the low 60s come Christmas time.

The U.S dollar is slightly lower in today's trade, but is still right near a 3 month high as it would be nice to see that market turn bearish as that would be beneficial crude oil and the commodities in general as I have a bullish bias across the board as I will not be recommending many short positions as I think the commodities are cheap.

The stock market across the board is hitting all-time highs as that is a good thing to see as that will be beneficial oil prices as low unemployment continues to increase demand despite the fact that the U.S continues to produce more and more oil on a monthly basis so stay long as the chart structure is excellent. TREND: HIGHER CHART STRUCTURE: EXCELLENT VOLATILITY---LOW

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