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| Today's Crude Oil News |
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| Crude Oil PIT Session Notes |
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| Crude Oil Inventories News |
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| Crude Oil PIT Session Levels |
Crude Oil is trading sideways this morning on the 2584-tick anchor chart, trading inside the trigger-zone from 105.75 down to 105.02.
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| Crude Oil Anchor Chart |
We can see that price-action
is in a very ‘transitional’ range at this time, with plenty of room to the
downside for this price-action to move lower down to 103.99 if given a strong
push lower. We can also see a wide open
space above us going up to the trend-line resistance around 106.50. This tells us that eventually we should see a
decent sized move this morning.
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| Crude Oil 5-Minute VIP Chart |
The 5-minute chart of Crude
Oil shows us some very important clues today.
First, we can see a VERY narrow trading-range coming out of the
overnight London trading Session. We
typically see a range of $1.00 from overnight, and this morning we can see price-action
has only moved $.77. This tells us to
expect range-bound market personality for the early part of the morning, but as
we saw on the anchor chart there is a lot of open space above and below us for price-action
to take off higher or lower, so this narrow trading-range may not last very
long.
The 610-tick entry chart
shows us a dramatic sideways-trading-range this morning from 105.82 down to
104.83, and we will use this trading-range as our most important clue in the
short term today.
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| Crude Oil Entry Chart |
First, we need to stay
away from the middle of this sideways-trading-range. Nothing good happens in the middle of a trading-range,
so we will stick to buying the lows and selling the highs of the range
first.
If we can break out of
this trading-range above 105.82 we are buying pullbacks with the wave-pattern-long. If we break out below the lows at 104.83 we
will sell retracements with the wave-pattern-short.
Remember to keep an eye
out for a fake-out-breakout at the highs and the lows, we will always be
looking for that price-reversal at the highs or lows and a trade back inside
the range again, so keep an eye on the quality of the patterns you use to enter
on a breakout.
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