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This Week’s Big Idea for Crude Oil

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The crude oil (CL) futures market is down this afternoon, but that may be setting up a great entry point for a long idea.

For a while, we were sitting out of the CL market as the price had rallied to the point that the risk was outweighing the reward.

However, CL has since consolidated within an up channel that could be hinting at a return to those recent highs.

So, let’s get right to this week’s idea, which I’ve just published to my TradingView page, to see how we can potentially capitalize on a potential bull market run in CL…

 This Week’s Idea in CL

Here’s how the chart shows the potential gain from the crude oil futures contract (CL)…

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

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

The CL daily time frame is in an up channel, with the market near 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 above 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

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.

This also extends to alternative assets, including futures contracts for digital currencies. 

I recently discussed how the current volatility in these digital asset contracts could set up interesting trading opportunities in my latest presentation, which I encourage you to watch right here.

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. I have been teaching more and more traders how to make their own trading accounts work so well that they can effectively become a side job with plenty of regular earning opportunities, particularly in digital currencies like BTC.

To learn how this might work for you, I have a special on-demand presentation showing how this works utilizing my War Room service, which you can access here for free.

The post This Week’s Big Idea for Crude Oil appeared first on Josh Daily Direction.

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