Crude oil and futures trading
Technical Analysis

Crude Oil Futures (CL) refuses to break triangle formation

  • Crude price remains within the triangle formation we have been monitoring.
  • Bullish divergence has been spotted on the MACD for the weekly time frame.
  • Trader mindset announcement.


Last week’s analysis is a good example of why we should wait for the close of the daily candle in most situations before making our plays. While I was writing the article, CL was forming a green candle above the previous two red candles that had wicks to the downside. The inventory report was also coming out later that day.

CL ended the day red, and the following day saw a big drop of over 3%.


Crude futures price continues to trade within the range of $74 and $80. The triangle formation refuses to be broken, which brings into focus adopting a range-bound strategy while waiting on a break out on the opposite side that we enter. For example, taking a long here at $74.20 and waiting to see if the price rallies to $80, then potentially breaking out from there up to $91.57.

Daily CL chart showing range between $74 and $80 and a triangle formation
CL Daily Chart

Weekly chart

Looking at CL for the long-term trend, it’s trading below the 100 weekly moving average. There is a strong bullish divergence on the MACD that all traders and investors should be monitoring closely.

CL Weekly Chart

Announcement about trader mindset

Soon, we will be launching something called ‘trader mindset.’ It’s a series of 1 on 1 session traders can book to have with Jay.

In these sessions, we are going to focus 80% of our attention on mindset and 20% on the practical elements required in trading and markets. We are going to look at your schedule, personality, and trading philosophy to begin building a solid plan you can rely on. We will not cover trading strategies in these sessions nor technical patterns or setups. I am simply here to help you understand the best path forward toward achieving trading success. I am here to support you. We will be releasing a video soon with more details.

Topics we will discuss include:

  • Objective trading vs. subjective trading
  • Developing an actual plan and something that you can trust
  • ‘Importance’ as a major factor in why failure arises and how to release it
  • The ego and its role in trading decisions
  • How you can make trading easy
  • How to make the choice that successful trading is what you actually want
  • Vital exercises to improve your trading ability and decision making
  • Why your expectations on the outcome are the reason things don’t work out
  • All major athletes need coaches. Trading is no different
  • How to think in probabilities

If this is something that interests you and would like to be added to the list for a free session once rolled out, please add me on discord here Jay-OUP#6138, or send me an email at