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Crude Oil Weekly:
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| Crude Oil Weekly |
We are
trading right in the middle of the weekly trading range. We can see that the support at 91.96 has held
for now and we have a bullish (green) candlestick that tells us we have the
upside wide open as we head into Non-Farm Payrolls on Friday morning.
Crude Oil Daily:
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| Crude Oil Daily |
The daily
chart of Crude Oil tells us a valuable story this morning. We can see the BIG doji candlestick on
Tuesday has been followed by a very small-bodied candlestick for today that is
well inside the range from yesterday.
This type of candlestick pattern suggests 2-sided trading as we go into
a very big news event on Friday morning of this week. This looks like traders are being cautious
ahead of Friday’s Non-Farm Payroll report.
Crude Oil 4-Hour:
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| Crude Oil 240-Minute |
The
240-minute anchor chart shows us the bearish price-channel has been pushing
prices incrementally-lower over the last 3 weeks. We can see plenty of resistance overhead on
this anchor chart starting with the trigger-zone at 94.14-93.59 and 95.02-94.30
overhead. This is going to make it
difficult for buyers to push prices higher this morning. We can also see plenty of wide open space to
the DOWNSIDE this morning with a big drop down to 92.84 and 91.93 support levels
below us. We will use this as a sign to
be patient and wait for a selling opportunity this morning for the high-percentage-trade.
Crude Oil 60-Minute:
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| Crude Oil 60-Minute |
The hourly
anchor chart shows us just how consolidated this price-action is right now as
we go into the opening bell at 9:00am EST.
We can still see the bear price-price-channel; however we can also see
trend lines drawn around the current price-action creating a price-wedge pattern. We know that this price-wedge tells us to
expect 2-sided trading, fake-out-breakouts and possibly a selling opportunity at
the highs of this price-channel if the buyers try and breakout
unsuccessfully. Keep an eye on the highs
of the bear price-channel around 94.58 this morning for the high-percentage-trades
using the long-term trend and we will also be looking to buy the 92.84 trigger-zone
support (already tested once) if prices drop to new lower-lows.
Crude Oil 5-Minute:
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| Crude Oil 5-Minute |
We see
selling opportunities in the short term this morning at the London trading
Session highs of 93.91 down to a profit-target at 93.75 and a final profit-target
at 93.52 at the lows of the price-wedge.
We also see major support below us as 93.40 and know that the long-term
trend is higher this morning so we will assume there will be some larger BUYING
opportunities this morning. We will be
looking to sell the highs of London, while we look to enter long at the lows of
the range around 93.52-93.41. We will
keep an eye on price levels of 94.40 overhead for a buyer’s target which is yesterday’s
HOD.
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