We’re always looking at various markets including markets for resources. And today, we are taking a look at the crude oil market.
So, let’s move through crude…
Looking at Crude Oil
Here’s how the chart is shaping up…
The CL one hour time frame is in a large sideways movement.
The market is near the bottom of the range and showing signs it could push bullish towards the top of the range.
Entry: Counter trend line break bullish above
the bottom of the consolidation range.
Stop: In the sell zone below the entry.
Limit: 99.02 Once or if the market gives the one hour entry.
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 to look for Tunnel Trader long / Destination Trader long / Chandelier Trader long ideas towards the price target.
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…
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 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! Click here now to subscribe!
Keep on trading,
P.S. My colleague and expert stock trader Ross Givens just unveiled his brand new “rapid cash” strategy that is totally market neutral.
It doesn’t matter if a stock goes up or goes down… With this strategy, Ross can set up his trades to win in either direction.