The market for US crude oil futures (CL) has been gyrating quite a bit over the past days and weeks.
That makes now a good time to check in on this market and see if we can find a direction.
Today, the market is trading off by a good margin… And there could be further to fall before we might see another uptrend.
So, let’s take a look at the CL market to see what’s shaping up…
Watching the Crude Oil (CL) Market
Here’s how the crude oil futures contract (CL) chart is showing the potential path forward…
Crude Oil Futures Contract (CL) Price and Technical Analysis – Source: TradingView
The CL daily time frame is in a large up trend. The market is moving from a high price towards a future low price.
There is a down Fibonacci with an extension price point 83.55 that meets the daily up trend line. It is expected the market to push bearish towards 83.55 then U-turn bullish.
If the market holds at the up trend line, it is expected the market to push towards all time highs near price point 147.27, about +5,808 ticks above the market.
It will be a good idea to stay out of the market until the daily up trend line is hit.
Then, after the market hits the daily up trend line, it will be a good idea to look for a bullish reversal before turning to the one hour time frame and looking for long ideas.
The Bottom Line
There are multiple ways to trade the futures, stock and other markets. We can trade the indexes, both up and down, as well as individual stocks…
But my colleague and stock trading pro Ross Givens has come up with some incredible strategies that continue to impress.
To learn more, check out the important P.S. below…
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Keep on trading,
P.S. My colleague and expert stock trader Ross Givens is continuing to work on many of his strategies and his overall research.
And in particular, he has some great “stealth” trading ideas that the market is missing… but you don’t have to.