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Crude Oil Down But Not Out

The market for crude oil may have taken a pause, but it is far from out. 

In fact, there are plenty of opportunities that you need to be set up to capitalize on over the coming days and weeks. 

So, today, I want to share my take on the crude oil futures contract market (CL) and the trading opportunities getting underway.

Keep reading below for my full time frame analysis…

 Can Crude Hold at Support?

Here’s the chart for CL and how I see it shaping up to provide some opportunities to buy over the coming days and weeks…

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

The Crude Oil futures contract (CL) daily time frame is in an up channel, with the market testing the bottom of the channel. 

If support holds, we will expect the market to push bullish towards the top of the channel price point 123.77, about +1,465 ticks bove the market.

It will be a good idea to turn to the one hour time frame and to look for low prices 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 in channels, as well as individual stocks. 

But with inflation on a fast-track, you need to know how to amplify your gains. To see how I do it, check out the link in the 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 if you know someone who’d love to make this a part of their daily trading routine, send them over to joshsdailydirection.com to get signed up!

Keep on trading,

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The post Crude Oil Down But Not Out appeared first on Josh Daily Direction.

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