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Is There More Upside to Crude Oil?

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No resource is greater in need and shorter in supply than crude oil.

And with the stock market still challenged, crude oil is also gaining trader appeal right now as a viable hedge.

But the key to profitable trades is to be in at the right entry level as well as being ready to exit at the right levels.

So today, let’s take a look at capitalizing on a potential bull market run in the crude oil futures contract (CL) as this week shapes up…

The Crude Oil Trade Setup

Here’s how the chart shows the potential gain in CL setting up…

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

And here’s how I see this week’s developing idea setting up…

The crude oil (CL) hourly time frame is in an up channel, with the market near the bottom of the channel.

If support holds, it is expected the market to push bullish towards the top of the channel at 123.77, about 1,625 ticks above the market.

Entry: Counter trend line break bullish in the buy zone above the bottom of the channel.

Stop: In the sell zone below the low before the entry.

Limit: 123.77 Once or if the market enters into the buy zone.

As long as the market stays in the buy zone, it will be a good idea to turn to the five minute time frame and look for Tunnel Trader / Destination Trader / Chandelier Trader long ideas towards 123.77.

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.

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,

P.S. Join us tomorrow as we premiere our latest top-tier trading strategy with plenty of upside opportunities.

Simply click here to see how it’s all going down, and be sure to complete your registration to guarantee yourself a spot for next Tuesday’s unveiling!

The post Is There More Upside to Crude Oil? appeared first on Josh Daily Direction.

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