Monday, July 8, 2013

Crude Oil Morning Prep; Screen to Floor 07/08/13


Marty's PIT Session Notes

Marty's PIT Session Levels

 Dollar-index-correlation:

Dollar Index Daily
The Dollar-Index has pushed to the major sell-zone at the highs of the trading range late last week and this morning we see the Dollar-Index has some work to do if it will break to new higher-highs above the 85.00 big-round-number.  Look for resistance on the Dollar-Index this morning, which means we will be using the negative Dollar-Index-correlation to make educated trades today.



Dollar Index 4-Hour
We can see support levels below us on the Dollar-Index which tell us where to expect the Dollar-Index to fall to this morning if the sellers can take control.






Crude Oil Futures:
Crude Oil Weekly
Crude Oil has traded all the way to the final trend-line resistance on the weekly chart as prices test the big-round-number of 103.00.  We have a lot of work to do if the buyers are going to hold these prices up like this and we will be looking for clues in the market personality and price-action early this week to see if the bulls are still as strong as they were in the last 2 weeks.



Crude Oil 4-Hour
We can see that Crude Oil has tested the highs of the 240-minute bull price-channel around the 104.00 area and we have begun to pull back off these highs.  We can see a short term buy-zone at 102.30 and 100.98 below us, which we will use as locations to look for a price-reversal to move higher this morning.  We can see there is plenty of room for this price-action to fall lower today.



Crude Oil 5-Minute Chart
We can see price-action on the 5-minute chart trading at the lows of the London trading Session into the price reversal-zone from 102.78 down to 102.60 price levels.  We are bullish in the price reversal-zone as support and bearish with a 5-Minute candle close below the 102.60 area.



VIP Buy-zone Level for today:      102.78 -102.60
VIP Sell-zone Level for today:       103.62 – 103.44

This is just a snapshot of our Morning-newsletter which is posted every trading day at 8:00am EST in our Members Section.


1 comment:

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    Ansari
    maryam_fatima_wins@yahoo.com

    ReplyDelete