Crude Oil Morning Prep 06 06 13

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Marty's Trading Levels

Crude Oil Daily:

Crude Oil Daily Chart

We begin the morning looking at the daily anchor chart, which shows us a bullish daily candlestick that is within the range from Wednesday.  We can see that price-action is headed higher to test the sell-zone at 95.25 and we will look for buying opportunities on the way up to 95.25, where we will take final profit-targets and then look for a price-reversal and a selling opportunity at the highs of the price-wedge and the sell-zone at 95.25 up to 95.92.

Crude Oil 4-Hour:

Crude Oil 4-Hour Anchor 

The 240-minute anchor chart shows us more information that suggests the buyers are going to have a hard time pushing these prices higher because of the major resistance levels overhead.  We can see reversal zones directly above us along with some solid sell-zones starting at 95.09.  The price-wedge is a dead give-away that we will be looking for a fake-out-breakout if we make new higher-highs.  If the buyers are going to test the 95.25 on the daily chart they have some work to do first, and we will be looking for the price-reversal and the buyers to FAIL as they push higher for easy selling opportunities this morning.

Crude Oil 60-Minute:

Crude Oil 60-Minute

The hourly anchor chart shows us the bullish price-channel which tells us that waiting to buy pullbacks at the lows of this price-channel will be the high-percentage-trades this morning.  Look for a buying opportunity around 93.88 buy-zone and price-channel lows to get in at the best location.  If prices rises early this morning look for a buying opportunity above the 94.50 and beware buying directly into the symmetry sell-zone above us at 94.85 area.  We will see major resistance enter the market at that area.

Crude Oil 5-Minute:

Crude Oil 5-Minute

The London trading Session is quite narrow this morning, so we are expecting to see a breakout of this range sometime this morning, however the price-wedge is the biggest clue we get for selling the highs and buying the lows of this range in the short term, and then when we do get the breakout we are looking for a price-reversal at the 94.75 area to sell short, or a price-reversal at the 93.50 area to get long.