US and global crude oil markets have been on a tear with some big gains.
But this has changed recently as the US crude oil futures contracts (CL) has sold off into the sell zone.
This doesn’t mean that the market is done, however, as there are always opportunities for both long and short trades.
So, let’s take a further look at the market for the US crude oil futures contract (CL).
The Crude Oil (CL) Trade Idea
Here’s how the chart is setting up for the Crude Oil futures contract (CL)…
The CL daily time frame is breaking the up trend line. The market has entered into the sell zone.
There is a down sub Fibonacci with an extension below the market at price point $87.84, about -853 ticks below the market.
As long as the market stays in the sell zone, it will be a good idea to turn to the one hour time frame and to look for high prices in the sell zone.
The Bottom Line
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Keep on trading,
P.S. While crude oil may be in the sell zone, there are some opportunities in the stock market…
And I’ve come up with a new trading strategy that tracks down what we are calling “Marked Stocks.”To learn more about how these stocks are “marked” for gain opportunities, click here.
The post Crude Oil Back in the Sell Zone? appeared first on Josh Daily Direction.
