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| Marty's PIT Notes |
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| Marty's PIT Price LEvels |
Economic News This morning:
We do not
have any major economic news on the schedule this morning, and we know that Crude
Oil loves to move around the major news, so we must stay patient this morning
if the market personality does not warrant us entering into new positions.
Crude Oil 60-Minute:
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| Crude Oil 60-Minute Anchor Chart |
We can see
three big clues from the hourly anchor chart this morning. First, we see the bullish price-channel tells
us to buy the lows of the price-channel and take a profit-target at the
highs. Second, we see the price-wedge telling
us to buy the lows of the price-wedge and we combine that with the bullish price-channel
and we have a nice bullish 1-2-punch to get long this morning as price moves
higher. Third, we see the major support below
us at 93.98.
The Plan Today:
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| Crude Oil VIP Price Levels |
The day
trading plan today for Crude Oil Futures is to stay patient because of the lack
of major news on the schedule, and look for buying opportunities as prices move
both higher and lower this morning. We
know that price-action looks bearish going into the opening bell, so we may
need to wait a little this morning before we see a decent price-reversal off
the support levels listed on the 5-minute chart.
Support Levels Below
today:
94.64,
94.31, 94.29, 94.02, 93.89, 93.42, 92.67
Resistance levels above
today:
95.19, 95.22,
95.37, 95.45, 95.56, 95.58, 95.71, 95.86, 96.19, 96.39, 96.62, 97.08
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