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Big Move for Crude Oil in the Making?

Editor’s Note: Our offices and all major U.S. stock markets are closed Monday, Sept. 5, in observance of Labor Day. 

Crude oil has been in a big upside market ever since the low of March of 2020. 

But over the past few months, traders have been digesting those gains, and the market has consolidated.

However, there may well be more and more upward trading days in the making.

So, let’s review the crude oil futures contract (CL) and the potential upside opportunities…

Crude Oil Profit Potential

Here’s how we see the market for the crude oil futures contract (CL) developing…

Crude Oil Futures Contract (CL) Price and Technical Analysis – Source: TradingView

The CL daily time frame is in a large up trend.  The market has hit the up trend line and is starting to push bullish. 

The market has broken the short term down trend line and has entered into the buy zone. 

It is expected CL will push towards all time highs near price point 147.27, about

+4,988 ticks above the market. 

It will be a good idea to turn towards the one hour time frame and to look for long ideas in the buy zone.

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.

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Keep on trading,

P.S. I continue to track down top stocks that I showcase inside my premium trading service, Josh’s Top 5.

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The post Big Move for Crude Oil in the Making? appeared first on Josh Daily Direction.

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