Crude Oil futures are trading higher by $1.08 at $47.22 in Tuesday's session. It has traded higher in four of the last five trading sessions that began on October 27, when it ended the session at $43.20.
After a flat open, it found support under Monday's close ($46.14), reaching $45.96 and turned higher. So far, it has cleared the trio of highs at the $47 level, rallying to $47.40, and is not far off that level. If the rally continues, there may not be any major resistance until the pair of highs from October 16 ($47.97) and October 19 ($47.91).
Joel Elconin is the co-host of Benzingas' #PreMarket Prep, a daily trading idea radio show.
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