Jim Iurio Is Bullish On Crude Oil

On CNBC's "Futures Now", Jim Iurio suggested investors should consider a bullish trade in crude oil. Iurio would buy crude oil if it trades to $50.75 and he would place a stop loss at $50.25. His target price for the trade is $51.75.

In the medium term Iurio has a price target of $54, but he doesn't think it's going to move to that price level at once. The bullish trend that started on the third week of June is still intact in his opinion. It's going to be broken, if crude oil settles below $49, thinks Iurio.