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This Week’s Idea: CL Daily Long Idea

I share my top trade setups whenever I have a big, new idea for the market. And to invite a global audience, I provide the core chart and discussion on my TradingView page.

As regular readers know, I’ve been watching the crude oil (CL) futures market over the past few days and weeks.

It has been rallying off of its longer term up trend line for a while now, but it just broke back into the buy zone on the daily time frame.

This is setting up a potential bullish push toward the daily up Fibonacci level overhead, so let’s dive in and take a close look…

Aiming for the Up Fibonacci

Here’s how I see the CL chart setting up for this week’s idea…

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

The CL daily time frame broke the short term down trend line and has entered into the buy zone.

The market has an up Fibonacci with an extension price point 104.39, about +1,588 ticks above the market.

As long as the market stays in the buy zone above the short term down trend line, it will be a good idea to turn to the one hour time frame and look for low prices in the buy zone.

The Bottom Line

With inflation on a fast-track, you need to know how to amplify your gains.

To see how I do just that by trading markets like crude oil (CL) futures, check out the link in the P.S. below…

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 This Week’s Idea: CL Daily Long Idea appeared first on Josh Daily Direction.

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