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)…
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
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Keep on trading,
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The post This Week’s Big Idea for Crude Oil appeared first on Josh Daily Direction.
