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| Crude Oil 30-Minute |
We can see price-action trading below the PLOD this morning
on the 30-minute VIP Chart of Crude Oil Futures. This is a big clue for us because it suggests
the sellers are strong enough to push prices to new lower-lows and we will be
watching closely to see if that trend continues lower, or if we get a price-reversal
back above the PLOD we will buy with the Wave pattern using our InsideOut
Set-up.
Notice the PLOD below us at 105.60 will make an easy profit-target
as well as a location for a high-percentage buying opportunity.
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| Crude Oil Anchor Chart 1 |
Crude Oil is trading lower this morning after testing major resistance
at 107.41 on our 5400-tick anchor chart.
We can see that price-action has ‘pierced’ the support zone below us at
106.30 and attempting to test the lows of that zone at 105.52.
The most important clues we get from this anchor chart #1 is
that we are coming off the highs of the bear price-channel, which tells us the
sellers are in control in the short term.
We also want to keep a close eye on these support levels below us today because
they will be ideal locations for a profit-target and/or a price-reversal trade
later in the day.
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| Crude Oil Anchor Chart 2 |
The 1800-tick anchor chart shows us a lot more information
this morning. We can see the short term
bullish price-channel has come into play and we’ve tested the lows of this price-channel
with a recent candlestick that shows signs of the lows holding strong. You can see the big ‘wick’ on the most recent
candlestick shows that the sellers did indeed try to move lower but the buyers
were able to fight that off easily.
The most important clue we see on the Anchor chart #2 is the
new bull price-channel, telling us to buy at these lows as soon as we start
heading higher this morning. We also
need to keep an eye on the support zones below us because those will make for
excellent profit-targets and locations for a price-reversal trade.
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| Crude Oil Entry Chart |
The 600-tick anchor chart shows us the same bull price-channel,
however, now we are able to see where the resistance zones appear
overhead. We will keep a close eye on
those resistance zones above us for profit-targets after we buy-the-lows of the
bull price-channel.
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