ChartPros Market Insights

So when we looked at the Crude Oil chart (/CL) this morning and saw price tanking again we asked our self... "hmmmmm.....wonder where oil prices could be heading?" 

While it's never a straight shot it sure was pleasantly surprising to see as a consumer that technically speaking that the $50 area is in play.

Keep reading to see how...

Price action technical analysis is a popular and effective approach to navigating the financial markets, including stocks, options, futures, Forex, Crypto, and Commodity trading.

This article will provide expert tips and insights to help you successfully trade various financial instruments using price action technical analysis. By understanding and applying these concepts, you can improve your trading skills and potentially achieve greater profitability.

Light Sweet Crude Oil Futures (/CL) impacts anyone who drives a gas powered car as it directly impacts the cost of gasoline.  And we all know that gas prices, along with inflation, have been on the rise.

Since making its spectacular plunge a few short years ago to below $7 per barrel the cost of this precious commodity experienced a meteoric rise to $130 before falling back and settling well below $100.

Currently trading in the low $80s we can use price action technical analysis to see that price may have an upcoming date with $90 or higher again.

Remember last year when Oil (symbol /CL) went under $7 a barrel?  Well if you got long then and stayed long you would have about10x return now...

We hear woulda, shoulda, coulda a lot.

Here are some updated higher time frame upside price targets for Oil.  It's not out of the question to see $100 technically speaking.

ChartPros launched its latest market education leading course "Advanced Futures".

This course takes traders through advanced strategies and preparations for trading indice futures.  

The course is broken into three sections and will walk traders through step by step some of the most advanced strategies and techniques for day and swing trading.

Traders are going to learn how to identify Fibonacci sequences used by institutional algorithms and how to leverage that knowledge in your trading.

We're also going to provide insights into risk management and how to create "risk free" trade scenarios.

Lastly, we take traders through some trade planning and trade recaps that apply the techniques taught in the course.

So my nervous neighbor was asking about the markets last week... this is what I said... LOOK OUT BELOW!!!

Regardless if price goes up, down, or sideways we like to be prepared with actionable levels.  Today is no different.

Since May of 2019 price has made three trips between $52 and $63 but neither the bulls nor the bears have mustered up enough momentum to break out... yet.