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| Crude Oil Weekly |
The weekly
chart of Crude Oil tells us we’re trading in the middle of a very wide trading
range that tested both the highs of the price-wedge and the trigger-zone support
below it. This 2-sided market
personality during this week will most likely continue into the end of the
month this morning so be aware that sideways-trading-ranges will be key to our
success in the live trade-room.
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| Marty's Price Levels |
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| Crude Oil Daily |
Crude Oil Daily:
The daily chart
tells us a BIG clue this morning. With a
test of the highs on Tuesday this week, followed by a big gap down on Thursday
morning, followed by bullish price-action that filled that gap, we are now expecting
prices to keep rising in the long term this morning. We expected to see rising prices earlier this
morning however we can see the sellers have taken short-term control so we will
wait to get long near the lows of this trading range.
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| Crude Oil 240-Minute |
Crude Oil 4-Hour:
The 4-hour
chart shows us the bear price-channel, along with a buying opportunity at the support
levels below us. The bear price-channel tells
us to sell the highs as resistance so we will be looking around the 95.00 area
for the price-reversal at the highs and the selling opportunity this
morning. We will need to be very patient
to wait for this selling opportunity at the highs, and it looks like buying the
support at 91.76 will be our high-percentage-trade in the buy-zone.
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| Crude Oil 60-Minute |
Crude Oil 60-Minute:
The hourly
chart of Crude Oil tells us to stay patient this morning. With support below at 92.82 and resistance above
at 93.44 and 93.79 we know that trading NOW will be a little difficult so it is
wise for us to wait to sell the highs and buy the lows of this trading range,
rather that trying to PREDICT when this price-action will breakout.
The Plan Today:
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| Crude oil 5-Minute |
The plan
this morning is to buy lows and sell highs.
We can assume that the clues from the daily chart say that buying the
lows will likely be the high-percentage-trades but the fact that today is the
end of the month tells us historically Crude Oil Futures will sell-off near the
end of the month, so this tells us to be ready for ANYTHING this morning. We have many levels of resistance overhead
and support below and we will use these price levels to look for a price-reversal
and a buying or selling opportunity this morning. We do not predict, we only react to what we
see, so stay patient this morning and let’s make some money!
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