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Checking in On Crude Oil

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A lot of developments are underway in the US crude oil futures (CL) market right now…

After breaking below its up trend line in early July, the market is now moving higher again.

The CL was up over 4% on Friday and is prepared to test the underside of that up trend line.

So, today, let’s look at what may come next for the energy market…

What’s Up with the Crude Oil Market?

Here’s how the chart is setting up for the crude oil futures market (CL)…

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

The CL daily time frame is breaking the up trend line, and 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. 

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,

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The post Checking in On Crude Oil appeared first on Josh Daily Direction.

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