Crude Oil Rises HIgher, We look for price reversal and selling opportunities short term

Crude Oil Weekly

Crude Oil Weekly:

Crude Oil weekly shows us bullish market sentiment this morning as we open up a new weekly candlestick.  We thought the sellers may have the buyers beat late last week as we came off the highs of the price-wedge but that seller-control didn’t last very long as we head back higher this morning in a hunt for a re-test of the highs again.

Crude Oil Daily

Crude Oil Daily:

The daily chart shows us that the trigger-zone support has held below us overnight, and EXACTLY as we called on our newsletter last night we saw buying opportunities overnight and early this morning on Crude Oil Futures.  We will expect to see more rising prices this week as we re-test the highs of the price-wedge.

Crude Oil 4-Hour

Crude Oil 4-Hour:

The 240-minute chart shows us the large move off the lows of the short term price-wedge and into the trigger-zone resistance at 95.78 – 94.78.  This is a big clue for us this morning, telling us that we have missed the buying opportunity overnight from the lows, and now we need to sit-on-hands and wait to see what happens next.  First, if we close ABOVE the 95.78 we can assume the buyers are still in control and we will be buying pullbacks as well.  Second, if these buyers fail to close and stay above the 95.78 we will look for selling opportunities to take this price-action back down to the price-wedge lows at 94.00 areas.  This 4-hour chart shows us both buying and selling opportunities this morning we will use to make educated trading decisions.

Crude Oil 60-Minute

The Plan Today:

The day trading plan this morning is to sell the highs of the price-wedge on the 60-minute chart, and use the London trading Session as our biggest clue this morning to look for a price-reversal and a selling opportunity early in the trading session today.  

Crude Oil 5-Minute

We know that prices are moving higher, but we also know that prices cant keep moving like this forever.  We will be looking for clues above the 95.78 to begin buying this morning, and in the meantime we are looking for the buyers to fail and the sellers to grab hold for a selling opportunity this morning.  I will use the trigger-zone support and the London session lows as my selling profit-target on the way back down.