Oil Smoked Again, But Nears This Bounce Level: Profit With Quick Trade

Spot crude oil is taking another hit, crashing to a low of $43.15, -1.55 (-3.47%). Pro traders are beginning to scope out a buy level for a swing trade bounce. Based on the spot crude oil chart, the bounce will occur when oil tags $42.95. This will only be a multi-day bounce, maybe only two to three days in length. However, for smart investors it will be big enough to profit substantially. Note the major technical support shown on the commodity chart below.

By Anthony Jackson