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| Crude Oil News Today |
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| Marty's PIT Direction |
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| Marty's PIT Levels |
Crude Oil Anchor Chart:
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| Crude Oil Anchor Chart |
Crude Oil is
trading sideways this morning after successfully after bouncing off major support
at 105.75 on Monday morning, and after trading higher overnight, we have
settled just below the 107.00 big-round-number.
This anchor
chart tells us the market personality is trading sideways, so we need to look
for turning points in the market so we can find the short-term trend and trade
with that direction. This chart tells us
what type of day we can expect to see today, which will be a sideways-trading-range.
Crude Oil 5-Minute:
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| Crude Oil 5-Minute Chart |
The 5-minute
chart is filled with important clues this morning. First, we can see price-action is trading INSIDE
the range from Monday, telling us to trade this market as ‘sideways’. We will buy at lows and sell at highs when we
find price-action trading INSIDE yesterday’s range.
Second, we
can see a narrowing price-wedge using two trend-lines on top and bottom of
price. These higher-lows and lower-highs
tell us the market personality is un-decided on which direction they want to go
in the long term. We will buy-the-lows
at support and sell-the-high at resistance when we see a price-wedge like
this.
Third, we
can see the very wide trading-range coming out of the London trading Session. We typically see about $1.00 trading-range after
the London Session, and this morning we can see a slightly wider-than-average trading-range
this morning at 7am EST. A wide trading-range
tells us to expect a wide trading-range on the US trading session today. We can expect to see a breakout of this trading-range
EVENTUALLY today, but at this time we don’t quite have enough information
yet. We are going to have to wait
patiently to find a direction and then trade with that direction for a larger trading-range
today.
Crude Oil Set-up:
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| Crude Oil Entry Chart |
The 610-tick
chart shows us a lot more of the same ‘stuff’ this morning that we’ve already
seen on the anchor charts, but we have been able to locate some high-percentage
support and resistance levels to trade with today above and below the current
price around 107.00.
If price
moves higher we have resistance overhead at 107.26. If price moves lower we have support levels
at 106.57, 106.22, and 106.00 at the lows of the range. With this market personality trading ‘sideways’
we will chose to avoid the middle of the trading-range and look for selling-opportunities
at the highs, and buying opportunities at the lows.
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