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| Martys PIT Levels |
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| Crude Oil PIT Levels |
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| Crude Oil 4-Hour |
The 4-hour
chart of Crude Oil shows us trading in the middle of a price-wedge with buy and
sell-zones above and below us this morning, which suggests overall 2-sided market
personality going into this morning’s trading session.
We can see the broken bearish price-channel resulted
in strong resistance at 96.49 with a double-top at the highs. If prices rise higher the buyers will have to
push through the highs of the price-wedge and the price-reversal zone from
96.49 up to 97.19. If prices fall this
morning we have buyers entering at the lows of the price-channel, and there are
three (3) double-top price-reversal levels below it starting at 93.75. The biggest clue on this chart is the price-wedge
so look for fake-out-breakouts of short term trading ranges, buying the lows,
selling the highs, and avoiding the middle of the price-wedge today.
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| Crude Oil 60-minute |
The 60-minute anchor chart shows us a bullish channel and a short term price wedge, which tells us that buying pullbacks at support levels on the way higher will be the higher percentage trades today.
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| Crude Oil 5-Minute |
We are seeing
2-sided trading this morning on the short term charts for Crude Oil which tells
us to buy the lows, sell the highs, and be aware that major news this morning
is due to be released at 830am EST which is expected to push prices around nicely
this morning.
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