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| PIT Session Notes |
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| PIT Session Levels |
Economic News this
morning:
We have major
economic news on the calendar this morning starting with Jobless Claims at
8:30am EST. We have the Philly Fed
Index & Existing Home Sales at 10:00am EST this morning, and for all the Natural-Gas
traders we have Inventories at 10:30am EST.
Crude Oil Daily Chart:
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| Crude Oil Daily |
This morning
we can see that the sell-zone overhead has held with too much supply entering
the market after the FOMC Report on Wednesday, and prices have dropped off the
recent highs as we go into the opening bell in the US morning trading
session. We have defined a daily support
level of 95.43 below us this morning, which should be a target for the sellers
over the next 2 days.
Crude Oil 240-minute
chart:
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| Crude Oil 240-Minute |
The 4-hour
anchor chart shows us that prices have dropped off their multi-week highs and
have landed on top of trend line support and buy-zone support at 96.74 down to
96.15. This is a VERY important area for
Crude Oil traders this morning. If
prices can successfully climb back higher we will likely see prices move up to 100.0
and possibly 101.0 over the next week.
On the other hand, if prices collapse below the 96.15 we then know that
the buyers have failed, the sellers will take control, and prices will drop to
95.35 and 94.43.
The bull price-channel
on this 4-hour chart still tells us to buy pullbacks at support, so look for
rising prices EARLY this morning to get into these long positions. We also know that if we do NOT see those
rising prices we will likely see a collapse and we will look for selling
opportunities down to the 95.35 buy-zone below us.
Crude Oil 60-Minute
Chart:
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| Crude Oil 60-Minute |
The hourly
anchor chart of Crude Oil shows us just how much of a drop in prices we’ve seen
over the last 24-hours. Clearly the
reaction to the FOMC Announcement on Wednesday was bearish, so this morning we
can see price-action resting on top of a trend line in the middle of a range
between buy-zones below at 95.86 and the next sell-zone overhead at 96.73,
97.63, and 97.93.
We can
easily see that the price level at 96.50 is an important turning point in the
market this week. If prices rises back
higher from here we know this reaction to the news on Wednesday was just a
pullback in the long-term trend going higher.
If we do not see prices move higher we know this ‘pullback’ is more like
a price-reversal and we will see prices tumble lower to the 95.86, 95.59 and
possibly the 94.75.
Crude Oil 5-Minute VIP:
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| Crude Oil 5-Minute |
The 5-minute
chart on Crude Oil shows us a narrow trading range, and we are right in the
middle of the overnight trading session.
This market personality tells us that ANYTHING can happen this
morning. We expect to see short term
bullish market sentiment this morning as the traders in the US return to their
desks, however we do not know if these bulls will last very long because of the
bearish news from the FED on Wednesday.
The day
trading plan this morning for Crude Oil is to determine the market sentiment as
we come off major news from the FED and look for clues to see where the traders
are going to go from here. We can easily
see prices jump higher this morning after the big sell-off overnight, but we
would also see the sellers come back in this morning and this price may keep
tumbling lower. As of 8:00am EST we are
selling at resistance, and buying at support and waiting to see where the long-term
trend will be this morning so we can trade along with it.
Support Levels today:
96.05,
95.73, 95.32, 94.87, 94.26, 94.14
Resistance Levels today:
97.23,
97.55, 97.63, 98.00, 98.41, 98.53, 98.85, 99.14, 99.21
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