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| Today's Economic News |
Crude Oil 240-minute:
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| Crude Oil 240-Minute |
Crude Oil is
trading in a bearish price-channel coming off the highs at 108.93 on the 4-hour
anchor chart. This chart shows us the
trend is about to change to bearish as well, so we will be looking for selling-opportunities
as the high-percentage-trades this morning.
Profit-targets
below us will be at the lows of the price-channel, the trigger-line at 102.02
and the trigger-zone at 100.69.
Crude Oil 60-minute:
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| Crude Oil 60-Minute Chart |
The hourly
anchor chart does a very good job illustrating a sideways-trading-range for us
this morning. We can see the symmetry buy-zone
has held three (3) times since we tested it initially last week. With a trend-line and range-highs at 105.87
we can assume this price-action will keep trading inside this range until something
substantial changes the perception of ‘value’.
With a light
news day ahead of us, we will plan on using this trading-range as our biggest
trading clue this morning. We will buy
the 104.08 and sell the 105.87, avoiding the middle of the trading-range around
105.25 if possible.
Crude Oil Entry Time frame:
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| Crude Oil 5-Minute Chart |
The 987-tick
chart is clearly trading in a sideways-trading-range with a slight bearish tone
to it this morning. The ‘cloud’ appears
to be very narrow, and we can see the highs and lows of the range quite easily
on this chart.
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| Crude Oil 987-Tick Chart |
Our day
trading plan this morning will be to look for buying opportunities at the lows
of the range, and selling-opportunities at the highs of the range. If/when we breakout of this trading-range we
will then look to sell retracements and buy pullbacks.
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