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| Crude Oil 240-Minute |
Crude Oil 4-Hour:
The 4-hour
anchor chart this morning tells us exactly what the market personality will be
going into today’s US trading session.
We can see the big drop in prices on Friday were followed by a big pop
right back up. We can see 2 important
clues from the advanced price-structures on this chart. First, we can see the bearish price-channel which
tells us that selling at resistance will be the high-percentage-trades in today’s
session. Second, we can see the price-wedge
tells us there have been lower-highs and higher-lows as price-action has been
2-sided trading over the last 2 weeks.
This sideways-trading-range over the last few weeks has been a big clue
for overall market personality and we will use that to make educated trading
decisions this morning.
Join us every morning at 7:30am EST for our Crude Oil Morning Prep, where we take you from the Screen to the Trading Floor!
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| Crude Oil 60-Minute |
Crude Oil 60-Minute:
The hourly anchor
chart shows us another short term bearish price-channel along with some easy
selling price levels overhead, starting at 96.00, 96.23 and 96.65. As prices move higher this morning we are staying
patient to sell short at these resistance levels overhead. Ideally we would love to have a short-selling
opportunity at the highs of the 60-minute bear price-channel, but Crude Oil may
go higher to a resistance level overhead before it collapses. Either way we look at it, we are looking to
sell the resistance levels overhead on Crude Oil and we need to wait patiently
to see where the price-reversal occurs and then trade lower with the new trend
headed back down.
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