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Crude Oil has been on a wild ride over the last 24-hours. News from Syria has caused traders to speculate that supply of Crude Oil may be disrupted if a war breaks out over the use of chemical weapons by the Syrian Government. As of this morning we are still waiting to hear more about what’s going to happen, and we will be keeping our eyes and ears open as we continue to hear more ‘chatter’ coming from the news feeds.
One thing is for
certain today, we must be careful. Days like these come
around a few times each year, and when there are fundamentals that are causing price-action
to behave out of the normal we need to recognize that as both an opportunity to
make profit but also an opportunity to get ourselves into trouble if we cant
keep our emotions under control and follow our trading plan.
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| Crude Oil Anchor Chart 1 |
We can see price-action tested the 112.00 big-round-number overnight
as traders in Asia and Europe got a chance to react to the news from Syria as
well. During the US session on Tuesday
we saw tremendous strength to the upside, and that continued overnight before
price collapsed and came back down to the 109.00 area ahead of the opening bell
here in the US.
The 5400-tick Anchor Chart shows us support levels below us
at 108.90, 107.87, 106.84 and 105.37. We
will use these levels today for profit-targets if we sell short, and locations
for a possible price-reversal and a buying opportunity later in the morning.
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| Crude Oil Anchor Chart 2 |
The 1800-tick anchor chart shows us a lot more details this
morning, with support zones below us at 110.10 and 108.91, which we will use
for buying opportunities if price decides to reverse and go higher. Furthermore, if we see a collapse below the
108.74 prior-month highs we will then be looking for selling-opportunities because
the buyers will have failed to keep price-action above that previous resistance.
Keep an eye on this 108.74 area today; if we
move below this level we sell short, and if the buyers test this level and then
push higher we are buying long. The
biggest concern we have today is trying to trade if price-action gets ‘stuck in
the mud’ around the 108.74.
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| Crude Oil 30-Minute VIP |
Our 30-minute anchor chart shows us trading in the middle of
the range from yesterday, with support zones below us at 108.90 and
106.90. We see a VERY wide trading-range
coming out of London/Overnight, so that tells us to expect a wide trading-range
on the morning session today. With news
coming out from Syria every few moments this morning we can easily see how that
can happen.
I almost left my trading due to of loss since I found this blog i started trading again and now I am very happy trading is well going on thanks..........
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