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| Crude Oil News |
Crude Oil is moving higher this morning after news was
released on Monday afternoon about a civil
war in Syria disrupting supply channels to the US. The big concern this morning is that US, and
other nations, will attempt a military strike on Syria, and that may affect
other oil-producing nations around the world.
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| Crude Oil PIT Levels |
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| Crude Oil PIT Direction |
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| Crude Oil anchor 1 |
Syria is NOT a high-producing country for Oil, but the surrounding areas
certainly are and traders are worried that the side-effects of a potential
military action will have lasting effects on supply.
We begin with our anchor chart this morning and we see that price-action
has tested the sell zone at 107.44 and is now looking to break to new highs
above the bear price-channel. It is very
clear that this news from the middle is affecting the price of Crude Oil this morning;
the big question now is ‘how far will it go’?
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| Crude Oil Anchor 2 |
We have identified resistance overhead
at 107.95, 108.63 and 109.55 to use as profit-targets this morning for the
buyers.
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| Crude Oil 30-Minute Chart |
We are trading above the PHOD this morning on the 30-minute
VIP Chart of Crude Oil, above the previous week’s highs and headed to the
107.95 swing-high resistance overhead. Again,
we know WHY this is happening, but the big question today will be where it
wants to go and when it will get there.
Will this rally continue with this type of strength? Most likely not, but we will be watching.
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