JOIN HERE
Crude Oil Contract Rollover Alert:
We will be
rolling-forward to the 08-13 contract on Wednesday June 19, 2013. Today the volume will be ‘split’ between the
07-13 and 08-13 contract, which means we can expect lower volume trading.
Crude Oil Daily Chart:
 |
| Crude Oil Daily Chart |
The daily
chart of Crude Oil shows price-action trading into the sell-zone above the
price-wedge with major resistance overhead at 99.44. We can see that the buyers have a lot of work
to do if they want to test the 100.0 level this week, and at any moment this price-action
can collapse and move back lower.
Crude Oil 240-Minute
Chart:
 |
| Crude Oil 240-Minute |
The 4-hour
chart of Crude Oil shows us trading higher in the long term, but lower in the
short term inside the bullish price-channel.
We have identified major resistance above us at 100.23, and we can see
the big-round-number of 100.00 just inches away as well. We can see some big clues in the candlesticks
on this 4-hour chart. The big wicks over
the last 10 candles tells us the buyers are struggling to keep prices higher,
and this market personality appears to want to collapse as we go into the
opening bell. We have identified a trend
line support and a buy-zone at 95.00, so we can sell short as long as we have
enough room before we test the trend line, down to the trend line and the 95.00
and then look for the buy-zone to hold and we can then buy it back up.
Crude Oil 60-Minute
Chart:
 |
| Crude Oil 60-Minute Chart |
The hourly
anchor chart shows us the most important clues for intra-day trading. We can see the same bull price-channel,
telling us the high-percentage-trades will occur at the trend line support or
the lows of the price-channel, so we need to stay patient this morning for price-action
to push lower so we can get into position near the lows of the price-channel. We can see two buy-zones that are important
to us today. First, we are trading on
top of the 97.58 buy-zone, which tells us we should see a ‘bounce’ in prices at
the open. Second, the buy-zone at 96.92
is positioned perfectly at the trend line support and near the lows of the price-channel.
We know that prices are sitting on support,
so they can move higher at ANY time right now and we will buy pullbacks with
the long-term trend. The goal is for
prices to collapse below the 97.31 and then give us a possible
high-percentage-buy around the 96.92 or 96.52 areas later this morning this
morning.
Crude Oil 5-Minute VIP
Chart:
 |
| Crude Oil 5-Minute VIP Chart |
We have BIG
clues on this morning’s VIP chart for Crude Oil. First, we can see the trading-range is very
narrow coming out of overnight trading in London, which tells us to expect
narrow price-action this morning. We
will buy the lows, sell the highs, and treat this market personality as range-bound
early in the trading session, looking for the market personality to change to a
breakout personality. We have support levels
below us, resistance levels above us, and we will be looking for price-reversals
at each of these levels this morning as we trade this range-bound market today.
Keep in mind the anchor
charts do suggest a bullish long-term trend so the high-percentage-trades this
morning will be to the LONG side.
No comments:
Post a Comment