Crude Oil Morning Prep; Screen to Floor Broadcast

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

Crude Oil Daily 

 Crude Oil Daily:

This morning we can see this big, full-bodied bearish daily candlestick is telling the sellers are in full control after failing at the highs of the price-wedge.  We’ve been watching the sellers gradually take control over this price-action over the last 3 days and this morning we have an easy clue to be looking for selling opportunities.

Key price levels we see on the daily anchor chart are 93.44 and 92.65.  a Daily candle close above 93.44 will be bullish, and a close below 92.65 is considered bearish.

Crude Oil 4-Hour:

Crude Oil 240-Minute

The 240-minute anchor chart paints a very similar picture as the daily chart.  We can see the strong bearish candlesticks have pushed prices lower into the trigger-zone support from last week.  Its important we notice the lows of the bear price-channel will act as support and the key price levels on this chart are 92.79 and 91.48.  a 4-hour candle close below 92.79 and we can expect to see prices move lower to 91.48.  a 4-hour close above the 92.79 will leave the door wide open for a price-reversal and rising prices back up into the range above us.

Crude Oil 60-Minute:

Crude Oil 60-Minute

The hourly anchor chart shows us two bearish price-channels and we’re trading at the lows of the wider price-channel.  This price-channel will act as support so we do expect to see a bounce higher off these lows, but the sellers may be too strong and lower prices will continue.  We can’t help but notice that we have a wide open space below the price-channel all the way down to the 91.47 buy-zone below it.  This tells us that we may get some easy selling opportunities (long term) with the sellers in control this morning, but we will still be looking for a price-reversal and buying opportunities (short term) to the up-side.

The Plan Today:

Crude Oil 5-Minute

We've tested the lows of the anchor-chart price-channel and the London trading Session lows.  We’re trading inside the price-reversal zone at the lows so we’re expecting to see a short term buying opportunity above the 93.09 level with a profit-target at 93.40 and a runner profit-target back at the London trading Session highs around 94.00.  Look for a possible failure to rise higher, and if that occurs we look to get short with a 5-Minute candle close below 92.86 with a profit-target short at 92.65 and 92.10.