US crude oil is one of the most crucial markets right now…
It was in a big bullish market for a long while and traded to over $130 a barrel earlier this year.
But since then, it has pulled back substantially.
Will this continue and when might a good entry level be found? Let’s find out…
What’s Next for Crude Oil (CL)?
Here’s how the crude oil futures contract (CL) chart is currently trading…
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 the market to 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.
I’m not all about futures contracts, as I also follow stocks to identify top trading opportunities.
To learn more, check out the important P.S. below…
For more on the markets as well as trading education and trading ideas like this one, look for the next edition of Josh’s Daily Direction in your email inbox each and every trading day.
I’ll be bringing you more of my stock and futures contract trading tutorials as well as some additional trading ideas.
And if you know someone who’d love to make this a part of their daily trading routine, send them over to joshsdailydirection.com to get signed up!
Keep on trading,
P.S. I continue to track down top stocks that I showcase inside my premium trading service, Josh’s Top 5.
The post Looking for an Entry in Crude Oil appeared first on Josh Daily Direction.