Good morning, Traders!
Some surprising movements are happening within the futures markets, but they didn’t catch me off guard thanks to my timeframe analysis!
Today we’re looking at Light Crude Oil futures (CL). The market has broken above the 64.50 price point and is heading up.
Right now, we’re waiting for a market drawback to a low price above 64.50 to allow us to buy into the market.
Once that happens, we’ll execute our entry plan and watch as the market moves toward the 95.75 up Fibonacci extension. That’s a +3152 tick movement. For more information about how Fibonacci extensions work, check out my article on the topic.
Now, let’s take a look at the timeframe charts for the CL market…Daily Timeframe Analysis
The daily timeframe chart for the CL market shows upward movement as the price has broken above 64.50 and is headed for a positive run toward the up Fibonacci extension.DAILY TIMEFRAME
The direction within the daily timeframe is up
The current direction for the one-hour timeframe is up
THE BOTTOM LINE
The U-turn direction remains up
The CL daily timeframe has U-turned bullish and is working toward a +3152 tick movement toward 95.75 (top green arrow)
If the movement continues, we can expect a +3152 tick rally toward the new high price of 95.75. That means we should turn to the one-hour timeframe and look for opportunities to buy low prices above the 64.50 mark. Take a moment and read up on how tick values work in the futures market here.
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One-Hour Timeframe Analysis
Following the one-hour timeframe, we see that the CL is clearly moving up. The price continues to rise toward the up Fibonacci extension. Remember that we use the one-hour timeframe to help us execute our buy-in strategy for a market. To learn more about timeframe charts, take a moment to read my article on them.
We’ll watch the one-hour timeframe for the CL so we can spot low prices to buy in at as the price continues to move toward the up Fibonacci extension
We’ll watch the one-hour timeframe and look for price dips as the market moves up. That’s how we’ll find an entry point into the market. We buy the price dips and ride the market on the way up. That’s how we make money!The Bottom Line
The CL market has broken above the 64.50 price point and is presenting opportunities for us to buy in as the market moves closer to the up Fibonacci extension. Don’t forget that the market trades in waves as it makes an overall upward push to a new high price!
We’ll follow the market closely and watch for price dips above 64.50. That allows us to enter the market at a low price while taking advantage of the overall up direction of the CL. Wondering how I know so much about predicting future market direction? Read my article to learn all about my strategy for it!
The CL looks to be pushing higher toward the up Fibonacci extension. We’ll look for low prices along the way that allow us to enter the CL market.
Now that you know what’s happening with the CL market, why wait to get started with futures trading? This is your chance to start making money! I’ll show you how to make it happen no matter what your level of expertise is, even if you don’t have any!
Keep On Trading,
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