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| Crude Oil PIT Session Levels |
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| Crude Oil News |
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| Crude Oil Inventories News |
The anchor chart of Crude
Oil shows us trading at the lows of a price-wedge and in the middle of the trading-range. We can see major resistance above us at
107.41, and support below at 105.36.
With this type of price-structure on the 1800-tick chart we will wait
patiently for the high-percentage-trades to occur at the highs and lows of this
price-wedge.
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| Crude Oil Anchor Chart |
Look for selling-opportunities
at 107.01 and 107.20, while looking for buying-opportunities at 105.92 and
105.60 below us. Stay away from the
middle of the trading-range around 106.50.
The 5-minute VIP Chart
shows us trading in a very similar price-wedge in the middle of the trading-range
from both Monday and Tuesday. We are
below the PHOD and above the PLOD which tells us this price-action is ‘in-balance’
this morning.
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| Crude Oil 5-Min VIP Chart |
We will trade selling the
highs and buying the lows when we find price-action inside the range from yesterday. Look for buying opportunities at the 105.56
and 105.03 PLOD levels. Look for selling-opportunities
at the 107.20 and 107.69 PHOD levels above us.
The entry chart time
frame shows us a very clear price-wedge with many levels of support and resistance
around our current price of 106.00. As
we move lower we have support at 105.87, 105.60, and 105.49 for buying
opportunities this morning. As we move
higher we have resistance at 106.47, 106.78, 106.85 and 107.20 for selling-opportunities.
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| Crude Oil Entry Chart |
It is very easy to see that we can look for fake-out-breakouts
of this price-wedge this morning until something changes this market
personality and we have a trend in one direction or the other.
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