Crude Oil Morning Prep; Screen to Floor Broadcast

Join us every morning at 7:30am EST for our daily Crude Oil Morning Prep!
 Crude Oil Daily:

Crude Oil Daily Chart

The daily anchor chart of Crude Oil shows us BIG WICKS to the last 2 daily candlesticks.  Last night we looked at the big wick on the bottom of the candle, and this morning we can see the wick is on the top.  This morning we can use this clue to tell us that the sellers have taken control of the price-action as we head into the morning trading session on Crude Oil.

Crude Oil 4-Hour:

Crude Oil 4-Hour Chart

The 240-Minute anchor chart shows us the big drop in prices overnight and it appears we will attempt a test of the price-wedge lows around 94.50 first, and we will look for clues for a price-reversal back up or the sellers pushing prices lower to 93.78.  We know for sure that we are looking for buying opportunities at the price-wedge lows or the 93.78, now we just need to wait and see where we get the price-reversal.

Crude Oil 60-Minute:

Crude Oil 60-Minute Chart

The hourly anchor chart of Crude Oil shows us pushing lower into the 94.62 buy-zone which will act as ‘demand’ in the market this morning.  We are looking for a price-reversal around this area today, however, if we get a 5-Minute candle close below the 94.47 we will then start looking for selling opportunities as we push lower to test the lows of this bear price-channel.  We can see the big-round-number of 94.00 below us around those price-channel lows and we will use that as our selling profit-target this morning. 

We’re looking to get long with a price-reversal at 94.62 and take profit at 95.09 and 95.50 where we expect to see another price-reversal and a return back to the downside again.