Crude Oil Day Trading Strategy 06/25/13

Martys PIT Session Levels

Martys PIT Session Notes

Crude Oil 60-Minute

Crude Oil is trading into major resistance this morning with both sell-zones and trigger-zones in our way before we can move higher.  Price has jumped all the way off the 92.50 level up to trading at the 96.00 big-round-number this morning.  The buyers have their work cut-out for them today if they want to keep pushing higher.  We will use this major resistance overhead as an easy reason to look for SELLING opportunities this morning, which also goes in-line with what we saw from the Dollar-Index-correlation.

Crude Oil 5-Minute

The 5-minute VIP chart shows Crude Oil trading at the highs of the London trading Session, which tells us the bulls have definitely been hard at work overnight.  After seeing the 60-minute chart we know that these buyers may be almost out of ‘gas’ at these highs, and we will be looking for a fake-out-breakout of the highs for a short-selling opportunity this morning. 

Support Levels Below:

95.61, 95.49, 95.33, 95.23, 95.12, 94.86, 94.52, 94.15, 93.56

Resistance Levels Above:

96.09, 96.36, 96.69, 97.01, 97.06, 97.23, 97.63