We’ve been following crude oil as one of the more impressive markets both recently as well as over the long term.
And our long term analysis shows that it is still in an uptrend despite the recent decline.
But for those seeking new positions, be patient because the market could be getting closer to a better entry level.
Read on for our analysis and chart research below…
Finding the Fibonacci
Here’s how we see the market shaping up for crude oil…
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 and then U-turn bullish.
If the market holds at the up trend line, it is expected that the market will push towards all time highs near the 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 equities pro Ross Givens has come up with some incredible strategies of his own that continue to impress.
If you’re interested, 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 preparing to unveil his brand new “rapid cash” strategy that can do better in an ugly market…