Light Crude Oil Futures (CL1!): Setting New Limits

We’ve been patiently waiting for an entry at $58, but the market hasn’t reached our level. After reassessing the chart, we believe it’s now more profitable to play CL1! as a long following what appears to have been a fake breakout.

Recent developments, including Trump’s declaration of a national energy emergency to “unlock the liquid gold under our feet” and prioritize U.S. oil and gas development, could bolster bullish sentiment in the energy sector.

If our wave count is correct, we are currently in intra wave 2 of wave ((iii)). If this setup holds, a target of at least $115 seems achievable. We are placing our limit order and will patiently wait to get filled.

Key Levels at the moment:
Support Zone: $67.70–$64.40
Resistance Zone: $85–$88