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| Crude Oil Inventories News |
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| Crude Oil PIT Direction |
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| Crude Oil PIT Levels |
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| Crude Oil News Today |
Crude Oil has been trading lower this week, and last night
the selling pressure continued on the 10-13 contract to push it below the big-round-number
of 105.00.
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| Crude Oil Anchor Chart 1 |
This morning we see two support zones on the 5400-tick anchor
chart at 104.99 and 103.30 below us.
These support zones will be keys to our success today because we will
avoid selling short into these zones, and once we get into a short position we
will use them as profit-targets on the way down to the lows at 102.00.
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| Crude Oil Anchor Chart 2 |
The 1800-tick anchor chart shows us trading lower, towards
the bottom of the bear price-channel, and into the support zone from 104.99
down to 104.29. We can clearly see the
bears are in control of this price-action in the long term right now, and we
will be looking for selling-opportunities this morning as long as they do not
sell directly into the support levels marked below. We will wait for the support level to be
broken and then we will look for the wave-pattern-short to get into the trade.
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| Crude Oil 30-Minute Chart |
We can see the previous trading-ranges on the 30-minute
chart, which provides many clues we will use this morning. We can see price-action is trading at the PLOD
from Tuesday, and with the failure below the PLOD we can expect the buyers to
try to push this price-action higher today.
This will be very interesting to see if the buyers can wrestle control
away from the sellers early in the session today.
If we see the sellers fail and the buyers take control above
the PLOD we will begin looking for buying opportunities this morning, however,
if the sellers are too strong we will begin selling once again below the PLOD down
to the next profit-target at 103.43 and 102.03 below us.
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