Crude Oil Morning Prep; Screen to Floor 05/02/13

Crude Oil 60-minute

Crude Oil 60-Minute:

The hourly anchor chart gives us plenty of information to make educated trading decisions this morning ahead of the opening bell.  First, we can see the trigger-zone resistance at 91.69 so we know that buying will be higher risk until we get a close above the 91.69.  Second, this trigger-zone resistance tells us that lower-lows on this 60-minute chart will result in falling prices back down to the buy-zone 90.74 and possible through to the 90.33.

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Crude Oil 5-minute VIP

Crude Oil 5-Minute:

We can see the wide trading range from the London trading Session this morning tells us 1 of 2 things is likely to occur.  First, this wide range tells us to look for the buyers to fail and a price-reversal to bring this price back down into the range from 3am to 7am EST.  We will sell short at the highs of the London Trading Session 91.65 with a profit-target at the London trading Session lows of 90.70.  Second, if the price-reversal does not occur we then know the buyers are in full control and we will be buying pullbacks with a close above the 91.91 Bearish Reversal Zone above us.  If we get long above 91.91 we are looking for a test of 92.25, and we will hold onto a runner all the way up to 93.24.