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| Crude Oil Economic News |
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| Crude Oil PIT Direction |
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| Crude Oil PIT Session Levels |
30-Minute Chart:
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| Crude Oil 30-Minute Anchor Chart |
Crude Oil is trading above Wednesday’s highs as price-action tests
the highs of the long term bull price-channel.
We can see the PHOD is just below us at 107.33, which will act as a price-magnet
to drag price back down into the previous day’s trading-range.
If we slip and fall below the PHOD we are looking for selling-opportunities
down to the lows of the bull price-channel, and if prices keep rising higher
above the PHOD we know the buyers are in control and we are going to buy pullbacks
with the Wave pattern.
Anchor Chart:
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| Crude Oil Anchor Chart |
Crude Oil price has moved into the sell-zone near the highs
of the trading-range at 107.41 with the highs of the zone at 108.07. It looks like price-action is a little
overbought at this area (107.50) and we could easily see a pullback down to
107.00 before we go higher again today.
Look for support levels below us today at 106.73, 106.38 and
105.71 in the short term for buying opportunities.
Entry Chart:
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| Crude Oil Entry Chart |
The faster entry chart time frame shows us the fine-details we
need to make educated trading decisions this morning. We can see the new higher-highs in price went
all the way up to 107.87, which becomes a profit-target for the buyers
today.
As prices pullback we are looking for buying opportunities at
support levels around 107.53, 107.43, 107.18 and 106.99.
If prices cannot stay above the 106.99 we can then assume the
buyers have FAILED, and we will then begin looking for selling-opportunities down
to the support levels at 106.72, 106.44, 106.05 and 105.82.
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