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Is Crude Oil Set for More Downside?

US crude oil (CL) futures peaked at over $120 a barrel just over a month ago.

Since then, it has dropped nearly 23% and fallen back into the sell zone.

At this point, it looks like CL is set for another potential move, and we need to analyze it for the right direction.

So, let’s take a look at the crude oil chart and see where the market could be headed…

 The CL Futures Market Review

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

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

The crude oil futures contract (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, 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

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.

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Keep on trading,

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The post Is Crude Oil Set for More Downside? appeared first on Josh Daily Direction.

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Joshua Martinez

Joshua Martinez

Joshua Martinez is the Founder & Instructor For Traders Agency. Since 2011 He has traded Forex & Futures and helped over 10K Students
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