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.
The crude oil (CL) futures market has pulled back from its recent highs, but it has found some potential support at its longer term up trend line this week.
The next leg to the upside could be getting underway soon, but the market will have to get into the buy zone first…
Crude Oil Ready to Rally?
Here’s how I see the CL chart setting up for this week’s idea…
The CL daily time frame is near a low price hitting the long term up trend line.
If support holds, it is expected the market will push bullish above the short term down trend line entering into the buy zone.
Once or if the market breaks and closes above the short term down trend line and enters into the buy zone, it will be a good idea to apply an up Fibonacci to find the next bullish Fibonacci price target.
Then, we can turn to the one hour time frame to look for low prices in the buy zone.
Until then, it is better to be out of the market wishing to be in than to be in the market wishing to be out.
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 if you want more guidance on the energy market in particular, my colleague and energy sector expert Anthony Speciale is who you need to check out.
To learn more, check out the important P.S. below…
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Keep on trading,
P.S. My colleague and energy expert Anthony Speciale continues to show the way to profits from the petrol patch…
To learn more about his pipeline of profits, click here!
The post This Week’s Idea: Looking for Longs in Crude Oil appeared first on Josh Daily Direction.
