I’ve wanted to do an update on the crude oil market for a few days now, but unfortunately time got away from me. In my new video on crude oil, I update some of the thoughts I had before, but also some important elements that are still in play and could push this market significantly higher.
In this new video I outline the key support zone that I see and also highlight some other technical elements could come into play to push this market higher.
I was just looking at the charts and they are beginning to look very, very bullish. The formation I show you in today's video is a classic continuation pattern to the upside. This pattern also confirms a Fibonacci target number we are looking at.
Today we're going to be looking at the crude oil (NYMEX_CL) market. This market has rapidly become the world currency of choice for many countries. What do I mean by that? With the dollar going down in value, it automatically pushes the value of crude oil higher.
I analyze the July electronic contract for crude oil (NYMEX_CLN09.E) using some very simple tools that you can pull into your own trading. I've used our Fibonacci measurement tool as well as a classic chart pattern that has been around for over half a century.