Join us every morning starting at 7:30am EST for our Screen to Floor, Crude Oil Morning Prep!
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| Crude Oil Daily |
Crude Oil Daily:
Our daily anchor chart shows us big clues this morning, and
we will use these clues to make educated trading decisions in today’s session. First we can see price-action resting at the
highs of this price-wedge which is bearish at first glance. Second thing we notice is the INSIDE BAR we
see this morning on today’s daily candlestick.
This inside bar tells us we are trading within the range from Monday and
the doji structure of this candle tells us we could indeed go either direction
this morning. This daily chart tells us
one thing very clearly, that we can go both higher or lower in this morning’s
trading session, so we need to drill-down and look for more clues on some of
our faster anchor charts.
Crude Oil 30-Minute:
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| Crude Oil 30-minute |
The half-hourly anchor chart shows us many more clues for
today’s high-percentage-trades. We can
easily see where that doji came from on the daily chart when we look at the
multiple buy and sell-zones above and below us acting as support and resistance. If prices rises higher we run into a sell-zone
at 96.11, 96.34, 96.60 and 96.87. All of
these sell-zones will make for excellent selling opportunities when price tests
them and reverses. To the downside we
have buy-zones starting at 94.99, 94.29, 94.20, and 93.60 which will all
provide us with buying opportunities if price-action tests these demand-zones
and reverses back higher.
The Plan Today:
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| Crude Oil 5-Minute VIP |
We see possible 2-sided trading on the daily chart this
morning, all the way down to sideways-trading-ranges on the faster VIP
Chart. I am looking to sell the highs
and buy the lows of the London trading Session to capitalize on this sideways-trading-range.
I am also going to look for a breakout
set-up with a 5-Minute candle close above the price-reversal zone of 95.98 for
a long up to 96.26, or below the 95.13 for a short down to 94.86.
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