Tuesday Morning Crude Oil Trading Strategies; Screen to Floor

We have two minor news reports on the calendar today, which means this morning will be very similar to Monday morning.  We will stay patient and wait for the best market personality and look for the high-percentage-trades to occur between 8:00am and 12:00pm EST this morning.

This is just a snapshot of our Morning-newsletter which is posted every trading day at 8:00am EST in our Members Section.

Dollar-Index Daily:

Dollar Index Daily

The Dollar-Index is trading at the highs of the trading-range once again this morning.  We are testing major resistance at 85.000 which reminds us that the negative Dollar-Index-correlation says resistance on the dollar equals support on markets such as gold and euro.  We will be watching for this Dollar-Index to fall off these highs, giving gold and euro a boost higher this morning.

Crude Oil Weekly:

Crude Oil Weekly

We can see Crude Oil trading at the highs of the price-wedge on the weekly chart.  This will cause supply to enter the market, which is likely to keep prices contained to the up-side and leaves the door wide open to the downside.

Crude Oil 240-Minute:

Crude Oil 240-Minute

The 4-hour anchor chart of Crude Oil shows us price-action trading at the highs of the bull price-channel with support at 102.30 and 101.90 below us.  We are due for a pullback before we try to move higher, so look for buying opportunities around the 102.30 and 100.98 levels below us today.

Crude Oil 60-Minute:

Crude Oil 60-Minute

The hourly anchor chart shows us major support levels waiting for us below the current price of 103.00.  We know that a pullback is most likely before we make any big move higher, so look for a price-reversal at the levels posted below and then buy pullbacks using the Entry-Trigger Indicator.  We can see the trend-line support around the 101.00 area and that will be the best option for buying the ‘dip’ on Crude Oil today.

Crude Oil 5-Minute:

Crude Oil 5-Minute

Crude Oil is trading in a VERY narrow trading-range this morning as we come out of the London trading Session and begin the US morning session.  We know that a narrow range like this usually has a breakout eventually today, but we will need to be patient to wait for that breakout.  We will expect to see fake-out-breakouts at the price reversal-zones above and below, so our initial plan will be to sell-the-high at resistance and buy-the-lows at support of the trading-range we are in at this time.

VIP Buy-zone Level for today:      102.84 / 102.71

VIP Sell-zone Level for today:       103.45 / 103.32

This is just a snapshot of our Morning-newsletter which is posted every trading day at 8:00am EST in our Members Section.