Crude Oil prices rallied today and took out its highs after days of growing international pressure to take action against the Syrian regime and their alleged use of chemical weapons.
Reuters reported that: “Obama is considering cruise missile strikes against Syrian targets in response to the August 21 chemical weapons attack that U.S. officials are increasingly confident was launched by the Syrian government.”
As traders, it is extremely difficult to talk about “making money” from potential trading opportunities like this – specially given the fact that many innocent Syrians are suffering under these conditions.
However, we have to do our job. So here is the trade setting up:
As you can see from the above chart, Crude Oil is breaking out of its July-August range, which is bullish. A 100% projection of the height of this range puts our next target for crude oil at $115.05.
If crude can close above $108.79 on a closing basis today, any weakness or pullbacks on crude are buying opportunities.
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