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| Crude Oil PIT direction |
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| Crude Oil PIT Levels |
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| Crude Oil News |
This morning we are trading OPEX-Friday, and considering this
is August, we can expect today to be one of the slowest days of the
summer. The month of August is known for
inconsistent price-action, and today being OPEX isn’t going to make that any
easier. We will be trading very
carefully this morning, and it is recommended that you trade smaller contract
sizes, or move to a simulator until next Monday.
We can see Crude Oil trading in the middle of the range from
Thursday as we open a new day of trading on OPEX-Friday.
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| Crude Oil VIP Chart |
Trading in the middle of the range tells us that we need to
be patient for the high-percentage-trades this morning, which will occur around
the highs and lows of the range. Look
for buying opportunities at the PLOD 106.60, and selling-opportunities at the PHOD
of 107.87.
We can also see a bullish price-channel this morning,
suggesting that the buyers are in control over the long-term trend so we will
look for buying opportunities as the higher percentage trades today. This means we take Wave patterns LONG with
new higher-highs and we will buy at support levels as price pulls back.
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| Crude Oil Anchor Chart |
The 5400-tick anchor chart on Crude Oil shows us a lot of
important details this morning. We can
see a long term bear price-channel has now developed into a short term bullish price-channel
(drawn in the yellow trend-lines). This price-action
suggests that we will see higher prices in the long term, however, the resistance
at 107.41 may spoil the party for the buyers today.
We can see major resistance levels overhead at 107.41,
108.07, and the highs of both channels. We
can see major support levels below us at 106.91, 106.60, 106.30, and 105.52. We will be looking for buying-opportunities at
the support levels listed because of the bullish market sentiment we see on
this chart.
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| Crude Oil Entry Chart |
The 1800-tick chart of Crude Oil shows us some very important
details this morning before we take our first trade of the day. We can see the very narrow trading-range at
this time with a trend-line drawn from lower-highs and higher-lows. We can also see support levels below us at
106.74, 106.47, 106.09 and 105.86. We
will look for buying opportunities at these support levels because of the long-term
trend being bullish on the anchor charts.
We have a profit-target at 108.49 overhead when we are buying today with
the wave-pattern-long.
Our day trading plan today will be to stay patient, waiting
for the market personality to tell us what direction to trade in, and when to
begin trading. We know today is
OPEX-Friday in the month of August so we will be trading very cautiously, and
with smaller size today.
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| VEGAS BABY! |
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