Crude Oil Day Trading Strategy Morning Prep 06 28 13

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Crude Oil Weekly Chart

Crude Oil 240-Minute Chart:

Crude Oil 240-Minute

Crude Oil has pushed higher this week, coming off the lows of the bullish price-channel on the 4-hour anchor chart.  

With this jump higher in prices we are reminded that a pullback is more than likely this morning before we move higher again, so look for short term selling-opportunities this morning but keep an eye on the major support levels below us in order to find the best location to get into the trade long.  We can see buy-zones below us at 97.16 and 95.74 on the 4-hour chart of Crude Oil and we will use those as high-percentage-trades to trade with the long-term trend higher.

Crude Oil 60-Minute Chart:

Crude Oil 60-Minute

The hourly anchor chart shows us the strong bull price-channel has indeed helped push the price-action higher, and now we see major trigger-zone resistance overhead at 97.81 has stalled the buyers for a moment and we expect to see a pullback to the trigger-zone support levels below us at 97.19, 96.82, 96.65 and 95.98.  We are looking for price-action to move HIGHER off these support levels and then we will enter long buying pullbacks using our entry charts this morning.

Crude Oil 5-Minute Chart:

Crude Oil 5-Minute

We can see price-action testing the reversal-zone at the bottom of the London trading Session so we are looking for buying opportunities right now at the support at 97.20-97.03.  We can see a price-wedge using two trend lines and we are trading on top of the PHOD.  

Trading on the PHOD tells us the buyers are thinking about making new higher-highs today but as of now they have not been able to keep price above the PHOD and moving higher.  This leaves the door wide up for all 3 directions this morning.  Price-action may sit on top of the PHOD with the Dollar-Index being so narrow this morning, and we will sit-on-hands in that scenario.  

The price-action may push higher because above the PHOD we consider this market sentiment as bullish, and already know the longer-term anchor charts have already told us to buy pullbacks in the long-term trend higher this morning.  

Price-action may also drop lower this morning, and we can see a mj buy-zone waiting for us at 96.65 if this price-action decides it needs to pull back even further this morning.  Our plan today is to look for a price-reversal off the support levels below us and then look to get long as we finish up this very BULLISH week of trading.