Join us every morning at 7:30am EST for our Daily Broadcast for Crude Oil Morning Prep!
Crude Oil Daily |
Crude Oil Daily:
This morning
we can see this big, full-bodied bearish daily candlestick is telling the
sellers are in full control after failing at the highs of the price-wedge. We’ve been watching the sellers gradually
take control over this price-action over the last 3 days and this morning we
have an easy clue to be looking for selling opportunities.
Key price
levels we see on the daily anchor chart are 93.44 and 92.65. a Daily candle close above 93.44 will be
bullish, and a close below 92.65 is considered bearish.
Crude Oil 4-Hour:
Crude Oil 240-Minute |
The
240-minute anchor chart paints a very similar picture as the daily chart. We can see the strong bearish candlesticks
have pushed prices lower into the trigger-zone support from last week. Its important we notice the lows of the bear price-channel
will act as support and the key price levels on this chart are 92.79 and
91.48. a 4-hour candle close below 92.79
and we can expect to see prices move lower to 91.48. a 4-hour close above the 92.79 will leave the
door wide open for a price-reversal and rising prices back up into the range above
us.
Crude Oil 60-Minute:
Crude Oil 60-Minute |
The hourly
anchor chart shows us two bearish price-channels and we’re trading at the lows
of the wider price-channel. This price-channel
will act as support so we do expect to see a bounce higher off these lows, but
the sellers may be too strong and lower prices will continue. We can’t help but notice that we have a wide
open space below the price-channel all the way down to the 91.47 buy-zone below
it. This tells us that we may get some
easy selling opportunities (long term) with the sellers in control this
morning, but we will still be looking for a price-reversal and buying
opportunities (short term) to the up-side.
The Plan Today:
Crude Oil 5-Minute |
We've tested
the lows of the anchor-chart price-channel and the London trading Session lows. We’re trading inside the price-reversal zone
at the lows so we’re expecting to see a short term buying opportunity above the
93.09 level with a profit-target at 93.40 and a runner profit-target back at
the London trading Session highs around 94.00.
Look for a possible failure to rise higher, and if that occurs we look
to get short with a 5-Minute candle close below 92.86 with a profit-target short
at 92.65 and 92.10.
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