I’m excited to discuss my bullish outlook on crude oil and why I believe we could see new highs before the year is over. But before we dive into the charts, let’s talk about the different crude oil markets you can choose from.

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When you’re looking at crude oil on TradingView, I recommend using the symbol CL1! for the continuous contract. Remember, crude oil expires every month, so it’s essential to have the continuous contract displayed to see the complete picture of the market. Apart from the continuous contract, there are other options like E-mini crude oil (QM1) and micro crude oil (MCL), each with their own specifications and tick values.

Now, let’s get into the exciting part—the chart analysis. I always start with a daily chart to get a broader perspective on the market’s performance throughout the year. I use different indicators like auto-anchored VWAPs and my beacon indicator to identify key support and resistance levels.

When it comes to the macro side of things, I pay close attention to experts like Tracy from chigrl on Twitter. She emphasizes the importance of watching crude oil prices due to factors like OPEC+ cuts and rising demand, which could significantly impact fuel inventories and potentially drive oil prices higher. These macro factors have implications for inflation and other economic indicators.

After analyzing the price action, I believe that crude oil is currently undervalued. I’m looking for buying opportunities with a relatively tight stop at a daily close below the bottom VWAP. My target is around $81.87, with the potential for further upside towards $87.12.

However, it’s crucial to exercise patience in a sideways market like crude oil. I’ll be waiting for optimal entry points based on price action and practicing proper risk management. Depending on the market conditions, I may consider trading futures, options, or even oil stocks.

Let’s seize these opportunities together and stay tuned for upcoming live trades on my YouTube channel or here on TradingView.

Wishing you all successful trades!