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| Crude Oil Weekly |
Crude Oil Weekly:
Weekly
anchor chart confirms that we indeed closed at the highs of the week last week,
showing clear signals that the buyers are trying to push this price-action
higher into the 96.97 sell-zone overhead.
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| Crude Oil Daily |
Crude Oil Daily:
Daily anchor
chart shows us the sell-zone at 96.00 is still in the picture because we have
NOT closed a candlestick above the highs of 96.77. This sell-zone will be key supply early in
the week. Will the buyers have too much
demand for the sellers? We have plenty
of room for this price-action to fall off these highs, and we will be looking
for a close of Monday’s daily candle below 96.00 for a bearish signal, and a
close above the 90.77 for a bullish signal.
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| Crude Oil 4-Hour |
Crude Oil 4-Hour:
The
240-Minute chart shows us a very similar sell-zone at 96.15 and a short term
buy-zone at 95.00. We’ve moved off the
highs of this price-wedge and we are looking for selling opportunities if this
continues lower.
We know that
Crude Oil loves to move in one dollar increments, which means a failure at
96.00 would result in the sellers taking it back down to 95.00 with ease. We know there are a few sell-zones overhead
for the sellers to worry about, and if they fail we will be looking for a
4-hour candle to close below 96.00 so we can look to get short down to
95.00. If we see a close above the 95.50
we will then know these buyers are in control and we will expect a test of 96.65
and possibly 97.00 early in the week ahead.
Crude Oil 60-Minute:
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| Crude Oil 60-Minute |
The hourly anchor
chart of Crude Oil shows us a sideways-trading-range this morning, and with
today being re-balancing Monday without any major news on the calendar we will
expect this morning’s trading to be very 2-sided. When we see a sideways-trading-range we know
right away that buying the lows and selling the highs are the high-percentage-trades
and we need to watch for a fake-out-breakout with new higher-highs or lower-lows. Look for selling opportunities around the 96.23
highs, and buying opportunities around the 95.00 lows of the range. We also need to beware trading in the middle of
the range, which means we need to sit-on-hands for the short term this morning
until we test the edges of this range.
Dollar-Index Analysis:
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| Dollar Index 5-Minute |
We can see
the Dollar-Index is moving lower overnight and as we head into the opening of
the US morning-session we see the Dollar-Index has a moving-average cross to
signal that the sellers may have exhausted and this price-action MAY be headed
higher. With this long-term trend being
bullish (price-channel) and the short term being bearish we will expect to see
prices continue to fall this morning, but we know that the long-term trend is
still moving this price-action higher so keep an eye on a jump to the
up-side. We use the Dollar-Index’s
negative correlation to help us anticipate the high-percentage-trades this
morning. With the Dollar-Index moving
LOWER we should Crude Oil Futures (among many others) moving higher.
The Plan Today:
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| Crude Oil 5-Minute |
We see a sideways-trading-range
on most of the anchor charts, and the 5-minute chart shows us both buying and
selling opportunities this morning. We
know today does NOT have any major economic news and today is considered
re-balancing Monday so we know this morning will be difficult to nail down as
far as where this price-action wants to go in the long-term trend.
Our plan
this morning is to sell the highs of the ranges and buy the lows of the ranges
considering we see a sideways-trading-range on the 4-hour, and we find
important selling opportunities at the 96.00 big-round-number, 96.35 and 96.45
areas as prices rise higher. If prices
fall lower this morning we look for buying opportunities at 95.35 and the 95.00
big-round-number.
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