Price action traders are up +230 pips of profit for crude oil as price begins a new rally after a period of consolidation. Meanwhile, Bitcoin has begun a bullish rally as price charges to $50,000.
The yearly high for crude oil is at $77 per barrel. This was the target for traders once price broke out of the downtrend that was seen in August. Traders should have some profits secured and their stops into profit. More upside is to be expected as bullish price action continues to occur.
After bouncing off support at $44,000, Bitcoin bulls are charging to the daily range high near $50,000. Yesterday, price printed a bullish engulfing candle on the daily suggesting further upside is to be expected. Traders could look for a pullback on the hourly before looking to enter long.
This morning’s Canadian CPI data came out slightly bullish with a result of 0.2% versus the forecast of 01.%. This should help push USDCAD prices lower and thus, crude oil prices higher.
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