Following an incredible run higher at the start of the year, the crude oil (CL) futures market is down hard over the last few months.
And after breaking below its longer term up trend line this month, the market is right back to where it started the year.
However, the market is still testing support on the monthly time frame, so a move back above the trend line cannot be ruled out just yet.
Here’s what we need to see to get bullish on CL again…
The Bull Case
Here’s how the chart is shaping up…
The CL monthly time frame is in an up channel. The market is near the bottom of the channel.
And it is showing signs of pushing bullish towards the top of the channel price point 147.27, about +6,355 ticks above the market.
It will be a good idea to turn to the daily time frame and to look for low prices in the buy zone.
The CL daily time frame is in an up trend, with the market at a low price hitting the up trend line.
Therefore, it will be a good idea to wait for the market to push bullish and close above the short term down trend line before looking for long ideas off the one hour time frame.
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 Anthony Speciale has made a seismic market discovery that is delivering results like you’ve never seen before.
If you’re interested, check out the important P.S. below…
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. Were you able to join my colleague and expert trader Anthony Speciale for the “Apex Fortunes Summit” earlier this week?
If not, I highly suggest watching the on-demand replay session right here.
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