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| Crude Oil PIT Session Levels |
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| Crude Oil PIT Session Direction |
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| Crude Oil News |
We can see Crude Oil made
new lower-lows in Thursday’s trading session, down to 102.22 before popping
back up to test the trend-line resistance around 104.60 earlier this morning.
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| Crude Oil 2584-tick Anchor Chart |
We can see the trend-line
reacted well as resistance so we will expect to see prices attempt to test the
lows at 102.22 once again this morning.
If the buyers can hold
control over price-action we will try to re-test the trend-line once again, and
if we are successful above 104.96 we can then start looking for buying
opportunities up to 105.51 and 106.28.
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| Crude Oil 5-Minute VIP |
Crude Oil is trading
inside the trading-range from Thursday on the 30-minute anchor chart this
morning. We can see the price-action has
been moving lower all week, which means we have the PHOD above us 5-times as major
resistance. Look for the trading-range from
102.22 up to 104.96 as the most important range we use today. If the buyers try to breakout to the up-side
they will be met with resistance at 104.96, which means we are looking for a
SHORT at the PHOD when the buyers fail.
If the sellers push to
new lower-lows below 102.22 we will look for selling-opportunities with strong
selling. If those sellers fail below the
102.22 PLOD we will then use the Inside-Out Set-up to get long back inside the
range.
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| Crude Oil 610-tick Anchor Chart |
The faster 610-tick chart
for Crude Oil shows us a big clue this morning in the most recent price-action. We can see the bull price-channel and
green-cloud which suggests a bullish trend, however, we can see a test of the swing-low
at 103.71 and this price-action looks ready to collapse and move back lower.
This price-action we see
on the entry chart timeframe suggests we will return to the lows on the anchor
chart around 102.22. It looks good for a 2-sided trading session today, with solid trading ranges above and below us we could easily see this price action move from top to bottom, bottom to top in today's Friday session.
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