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| Crude Oil News Today |
Crude Oil looks bullish this morning, trading at the PHOD on
the 30-minute VIP chart. All signs point
to higher prices this morning on the half-hour chart with a support trend-line,
the PHOD, and a long term price-wedge.
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| Crude Oil 30-Minute VIP |
We can see the PHOD above us at 106.97 as a home-run target for the
buyers this morning. The most important
price level will be the PHOD from Thursday at 105.43. If we start moving higher above the 105.43 we
will start buying pullbacks with a final target up at 106.97.
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| Crude Oil Anchor 1 |
The 5400-tick anchor chart shows us trading in the middle of
the long term bear price-channel, with major resistance zones overhead at
105.73 and 107.00. we will look for price-action
to move higher to test the 105.73, which will put us above the PHOD we
mentioned previously.
One thing is very
clear on the anchor chart; we are NOT testing any major support and resistance levels
at this time, so we do not have enough information yet to make any final
trading decisions. Let’s look at the
faster anchor chart.
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| Crude Oil Anchor 2 |
Our faster anchor chart, the 1800-tick, shows us a new short
term bear price-channel, along with a resistance zone directly overhead at
105.24 up to 105.64. We are selling the
highs of this price-channel at this resistance zone because the price-channel tells
us to sell short for the high-percentage-trades in this scenario.
We recall that the 30-minute VIP chart looked very bullish,
which means we are going to sell short while keeping an eye on the price-reversal
and the push higher. If we start to see
the sellers fail, and if the buyers start showing control over price-action at
the highs of this price-channel we are going to have a decision to make.
We will be watching for market personality around
these highs to see if the buyers or sellers are going to take control today.
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| Crude Oil Entry |
The Entry chart time frame, the 600-tick, shows us a bull price-channel,
lending credibility to the bullish price-action we saw on the 30-minute
chart. This chart shows us where to look
for profit-targets on our short-selling.
We can see profit-targets at 104.79, 104.63, along with the lows of the
bull price-channel.
Look closely at the trend-line resistance on the 1800-tick
chart and remember too that if we decide to get long this morning we will need
to trade around that trend-line. The
best plan is to wait for a breakout above the 110.85 area so we clear both the trend-line
and the swing-high above it. Look for a wave-pattern-long
if we can get above the 110.85 area today and use the 111.46 and 112.24 as your
profit-targets on the trade.
