This Week’s Idea: CL Daily Up Trend

I share my top trade setups whenever I have a big, new idea for the market. And to invite a global audience, I provide the core chart and discussion on my TradingView page.

This week, I’m turning back to the crude oil (CL) futures market again, as it continues to show a lot of upside potential.

Since the market broke back into the daily buy zone at the start of the month, it has pulled back and consolidated above the old down channel.

So far, CL is holding above this key support level, and a break of the new short term down trend line could lead to a strong bullish rally…

A Pause to Refresh

Here’s how I see the CL chart setting up on the daily time frame…

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

The CL daily time frame broke the short term down trend line and has entered into the buy zone.

The market has an up Fibonacci with an extension price point 104.39, about +1,909 ticks above the market.

As long as the market stays in the buy zone above the short term down trend line, it will be a good idea to turn to the one hour time frame and to look for low prices in the buy zone.

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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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