March mini Nymex crude oil futures a buying opportunity on more price strength.
See on the daily bar chart for March Nymex crude oil that recent price action has established a four-week-old uptrend. Prices late last week hit a four-month high and the bulls have gained good upside near-term technical momentum. A move above chart resistance at last week’s high of $95.16 would become a fresh buying opportunity in the “mini” crude oil futures contracts. The upside price objective would be $100.00, or above. Technical support, for which to place a protective sell stop just below, is located at $92.75.
