Crude Oil Morning Prep 06/10/13

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Marty's PIT Session Levels

Crude Oil Weekly:

Crude Oil Weekly

We are trading at the highs of the price-wedge on the weekly chart this morning, which suggests supply will enter the market this morning and price-action is likely to push lower in the long term this week.

Crude Oil 4-Hour:

Crude Oil 4-Hour

The 240-minute chart shows us a break of the bear price-channel has resulted in price-action testing the bearish price-reversal zone overhead.  This is a big clue for prices to move LOWER this morning as we go into a new week of trading.

Crude Oil 60-Minute:

Crude Oil 60-Minute

The hourly chart shows us a completely different scenario, while keeping the same directional bias as the slower timeframe this morning.  We can see the bullish price-channel on this anchor chart with price-action moving lower off the highs from last week.  This 60-minute chart tells us that the 95.00 area will be a great place to look for a profit-target for the short-sellers, and look to buy the 95.00 area if you are a buyer.  We will use this chart as a very important clue this morning.

Crude Oil 5-Minute:

Crude Oil 5-Minute

We have a narrow trading range overnight last night, which makes us assume there will be an attempt at a breakout this morning at 8:00am EST.  Without much news on the schedule this morning we can assume 2-sided trading, however, we will always keep our eyes open for market personality clues along the way.

We have levels of support below us at 95.43, 95.28, 95.10, 95.05, 94.82, 94.75 which we will use this morning for a price-reversal and a buying opportunity to get LONG.

We have levels of resistance above us at 95.80, 95.90, 96.02, 96.15, 96.30, 96.48, and 96.76 which will be used for a price-reversal and a selling opportunity to get SHORT.