Checking in On Crude Oil

A lot of developments are underway in the US crude oil futures (CL) market right now…

After breaking below its up trend line in early July, the market is now moving higher again.

The CL was up over 4% on Friday and is prepared to test the underside of that up trend line.

So, today, let’s look at what may come next for the energy market…

What’s Up with the Crude Oil Market?

Here’s how the chart is setting up for the crude oil futures market (CL)…

Crude Oil Futures Index (CL) Futures Contract Price and Technical Analysis – Source: TradingView

The CL daily time frame is breaking the up trend line, and the market has entered into the sell zone. 

There is a down sub Fibonacci with an extension below the market at price point 87.84. 

As long as the market stays in the sell zone, it will be a good idea to turn to the one hour time frame and to look for high prices in the sell zone.

The Bottom Line

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Keep on trading,

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Josh Martinez

Josh Martinez

Josh Martinez is an elite Analyst who’s been actively trading the financial markets since 2011. He’s known as one the leading innovative traders in this industry due to his his cutting-edge strategies.

Josh first burst into the scene when he took an initial deposit investment of $500 and turned into over $39,000 in just under 2 years.
Josh’s trading articles have been featured in Your Trading Edge, The FX Street, Trader Planet, Forex Crunch, Trading Pub, and Equities.com.

In addition to trading, Joshua has also trained thousands of traders worldwide. His strategies and systems have helped others find success in the market

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