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| Crude Oil News |
Crude Oil Anchor Chart:
Crude Oil has
ALMOST tested the highs at 108.93 from earlier in the month of July, and this
morning our anchor chart shows us barely missing that high and falling back
down.
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| Crude Oil Anchor Chart |
At this time
we are going to look for one of three scenarios. First, price-action may trade sideways ahead
of the Non-Farm Payroll news this morning, and if it does we will sit-on-hands. Second, price-action may try to re-test the
highs of the range, and if it does we will buy pullbacks with the Wave pattern long. Third, price-action may decide to drop lower
from here, and if it does we will be selling retracements using the Wave
pattern short.
Crude Oil Set-up:
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| Crude Oil Set-Up Chart |
The 610-tick
chart of Crude Oil shows us that price-action has come off the highs at 108.82,
our cloud turns to red as the trend changes from bullish to bearish, and we are
looking to sell short this morning.
Crude Oil 5-Minute:
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| Crude Oil 5-Min |
The 5-minute
chart of Crude Oil shows us below the PHOD and above the PLOD, inside the range
from Thursday and moving lower. We can
see support levels below us at 107.32 and 107.07 which will be great profit-targets
for selling short, and a place we will look for a price-reversal to start the
move back higher.
We will be
keeping a close eye on the PHOD and PLOD this morning because they will both
have strong price-action if we break them.
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