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| Crude Oil News |
We can see three distinct
clues on the 1800-tick anchor chart.
First, we can see the two trigger-zones as resistance on this anchor
chart at 107.41 and 105.52. Both of
those white rectangles provide major resistance zones to the buyers on Crude
Oil and will have to work our way above the 106.30 zone before we can push
higher to the 107.41.
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| Crude Oil Anchor Chart |
Second clue we get on
this chart is the bullish price-channel, which is quite easy to find on the
anchor chart, and will continue to remind us that buying pullbacks will provide
us with the high-percentage-trades this morning until this long-term trend changes.
Third clue we see is the
recent sideways-trading-range since Sunday evening’s opening range. We can see the recent candlesticks have double-top
and double-bottom, along with big wicks at the tops and bottoms. All of this points towards a sideways-trading-range
so we must keep that in mind as we open a new week of trading.
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| Crude Oil 5-Minute VIP Chart |
The 5-minute VIP Chart of
Crude Oil shows us three important clues this morning. First, we can see the bull price-channel reminding
us to buy pullbacks with new higher-highs and to buy at support as prices fall
in the short term. Second, we are
trading on top of the PHOD which is a very important price level for us in the live
trade-room.
We will be looking for the InsideOut
Set-up around the PHOD this morning.
Third clue is the opening range from London. The range from the London trading Session is
very narrow, well below our average of $1.00 range coming out of the overnight
trading session. This narrow range is a
big concern for us on a Monday morning as we know this price-action has
potential to be very narrow as we open the new week.
We can see see the clear sideways trading range this morning on our fastest entry-chart timeframe. We can see the price wedge and the narrow range will provide support and resistance at the highs and the lows. We will buy the lows, sell the highs, and avoid trading the middle of this range. Also, beware of the fake-out-breakout with new higher-highs or lower-lows.
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