The crude oil market took a hit yesterday, falling 5.7% to about the $82 level.
The market could be on the verge of a further decline…
But it could also be setting up for a rebound depending on what happens on the hourly time frame.
Read on for our analysis and chart research below…
Two Paths Forward
Here’s how we see the market shaping up for crude oil…
The CL one hour time frame is in a large sideways movement.
The market is near the bottom of the range and showing signs it could push bullish towards the top of the range.
Entry: Counter trend line break bullish above the bottom of the consolidation range.
Stop: In the sell zone below the entry.
Limit: 99.02 Once or if the market gives the one hour entry.
As long as the market stays in the buy zone, it will be a good idea to turn to the five minute time frame and to look for Tunnel Trader / Destination Trader / Chandelier Trader long ideas towards the price target.
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 stock trading 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…
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 before you go, head on over to the Traders Agency YouTube channel for breaking market news, live trading sessions, educational videos and much, much more!
Keep on trading,
P.S. My colleague and expert stock trader Ross Givens is continuing to work on many of his strategies and his overall research.
And in particular, he has some great “stealth” trading ideas that the market is missing… but you don’t have to.