One market that never really stops, even for a major US holiday like today, is the US futures contract market.
And one of the top performers for today is crude oil and its futures contract (CL).
It’s up big – really big – today, and I see more potential in this market.
So, I’m taking a moment during today’s holiday to share with you my trading thoughts on crude oil and what I see potentially coming over the following days for this market that’s already been a top performer so far this year.
The Trade to Make for Crude Oil
Here’s the chart for crude oil that I recently shared with you highlighting the potential further upside opportunity for this must-have asset…
Note, that while crude oil has been a top performer so far for this year, there’s a great deal of further upside potentially in the works.
Even today, as many markets are closed for the holiday, crude oil futures contracts are trading up in the US by 1.82% as of this writing.
And there is perhaps more in the works. So, here’s how I see my technical analysis setting up today…
The crude oil futures contract (CL) daily time frame is in an up channel, with the market near the bottom of the channel.
If support holds, it is expected the market can push bullish towards the top of the channel price point 123.77, about +1,625 ticks above the market.
It will be a good idea to turn to the one hour time frame and to look for low prices in the buy zone.
The Bottom Line
While the stock market indexes continue to gyrate day by day, alternative assets continue to present new opportunities.
Crude oil continues to be one of the best to follow and potentially trade right now. And this is just one of many opportunities that I discuss below in my War Room service.
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. Crude oil is just one of many top futures trades that I continue to research. And I present them on an ongoing basis in my War Room trading service.