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| News for Today |
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| Marty's PIT Levels |
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| Marty's PIT Direction |
Crude Oil 240-minute:
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| Crude Oil 4-Hour |
The Crude
Oil 4-hour chart shows us a bearish price-channel that has been broken after
the FOMC Report was released on Thursday afternoon. We don’t need to try and understand WHY this price-action
went higher, we would be wiser to worry about WHAT occurred and HOW to trade it
this morning.
This big
move up may result in a big drop back down this morning, or we may see this
strength continue and test the highs from last week.
We can see 3
levels of major price levels above and below us that we need to be concerned
with. The highs of the range at 108.93
will be a target for the buyers today and tomorrow. 107.59 is the next major resistance level
overhead and that will be a spot to look for a profit-target or a price-reversal. 106.54 is the previous resistance that was
recently broken, and if this 4-hour candlestick closes below the 106.54 we can
expect this price-action to collapse quickly.
Crude Oil 60-minute:
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| Crude Oil 60-Minute |
The hourly
anchor chart shows us the same information as the 4-hour, but now we add the support
levels below us to the scenario. We can
see support below us for short-selling opportunities down at 104.89 and
103.59. If we get a price-reversal on Crude
Oil this morning we will be selling short with those two levels as our profit-targets.
Crude Oil 5-Minute:
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| Crude Oil 5-Minute |
The 5-minute
chart shows us trading above the PHOD from the last 2 days, which is yet
another bullish clue from price-action.
We can see resistance
levels overhead at 107.34, 107.50 and 108.60.
We can see support levels below us at 106.25 which we will use as a profit-target
for selling-opportunities today.
We also want
to remember that the London trading Session trading-range was VERY wide, over
175 ticks of trading-range overnight. This large trading-range tells us to
expect a larger trading-range in today’s price-action. We will be looking for clues this morning to
see WHO is in control as we open the day here in the US.
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