Crude Oil Morning Prep; Screen to Floor 06/19/13

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Marty's PIT Session Levels

Crude Oil Contract Rollover Alert:

This morning we have rollover-over to the next front-month contract for Crude Oil Futures.  This morning we move to the 08-13 Futures contract, and you can learn more about how to accomplish this here.

Economic News Alert:

This morning has 4 big news events that we need to be aware of.  First, today is Wednesday of OPEX, so we know that today is called ‘wacky Wednesday’.  Second, we have contract rollover on Crude Oil which will have traders moving to the new 08-13 contract.  Third, we have Crude Oil inventories today at 10:30am EST which will have traders waiting to hear from the EIA to see if there was another draw in Crude Oil inventories to support higher prices this week.  Fourth, today is FED DAY or FOMC Day, which means today we will hear from the Federal Reserve Bank in the US with their announcement at 12:15pm and the Press Conference at 2:15pm EST this afternoon. 

Crude Oil daily chart:

Crude Oil Daily Chart

The daily chart of Crude Oil shows us exactly what was expected earlier this week; we can see rising prices on the way up to the 100.00 big-round-number overhead.  We can see that price-action is pushing into a sell-zone at this time, with major resistance at 99.44, and the highs of the price-channel.  We can expect prices will continue to push higher until we test 100.00, and we expect to see prices attempt to test the highs of the bullish price-channel. Join us HERE.

Crude Oil 240-Minute:

Crude Oil 240-Minute Chart

The 4-hour anchor chart shows us wide open space above us on the way higher to 100.00.  We have been calling this market personality bullish all week, and this morning it is likely to continue.  We can clearly see the bullish price-action pushing higher this morning, telling us that buying at support with a price-reversal or buying pullbacks will easily be the high-percentage-trades this morning.   We have our next sell-zone overhead at 99.51 and that is our short term profit-target this morning.  Our long term target today and tomorrow will be 100.00 and 100.40.

Crude Oil 60-Minute chart:

Crude Oil 60-Minute Chart

The hourly anchor chart shows us a lot of important clues to help us get started trading this morning with the long-term trend.  First, we can see the bullish price-channel tells us to buy pullbacks with new higher-highs and to look for price-reversals at support levels below us to get LONG.  Second, we can see short term buy-zones below us at 98.41, 98.22, 97.94 and 97.78 which we will use to buy at support this morning if price pulls back from the overnight highs.  Third, we can see a wide open space above the sell-zone at 99.15 which tells us that if price-action jumps higher we can easily buy pullbacks using our simple entry rules, using the top of the price-channel and 100.0 big-round-number as our profit-targets above us.  Join us HERE.

Crude Oil 5-Minute VIP Chart:

Crude Oil 5-Minute VIP Chart

We can see a narrow overnight trading range this morning on the VIP-Chart, with plenty of locations to look for buying opportunities this morning at the levels of support we’ve located on this chart.  Look for key price-reversal locations around the reversal-zone at 98.84, the trigger-zones at 98.42 and 97.97 this morning, and remember the long-term trend is bullish so we will be looking for price-reversals off these support levels below. 

Support levels today: 

98.84, 98.74, 98.61, 98.47, 98.42, 98.23, 97.97, 97.81

Resistance Levels today:

99.00, 98.94, 99.13, 99.08, 99.21, 99.31, 99.44, 99.58, 99.81