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| Crude Oil News |
Our 30-Minute VIP chart shows us price-action trading just
below the PHOD from the last week, and well-above the PLOD from Friday. We can see the buyers failed to keep prices
above the 106.94 PHOD, which is a selling clue for us once we get below the PHOD.
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| Crude Oil 30-Minute VIP Chart |
We will look to sell short below the PHOD and
take a profit-target at the PLOD later this morning. We can also see 2 trend-lines that create the
price-wedge on this chart, and we will use the trend-line support below us as a
partial profit-target on our short-selling from the highs. Our goal is to sell the highs and take profit
at the lows this morning.
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| Crude Oil Anchor Chart 1 |
Our 5400-tick anchor chart shows us price-action has recently
tested the highs of the bear price-channel along with the sell-zone at
107.00. This resistance has clearly held
strongly at the highs, and we will be looking for price-action to either
re-test the highs again or fall lower to the next level of support below us
around 105.44. We will be looking for selling-opportunities
down to profit-targets at 105.44, 104.98, and 104.53 this morning. We will need to be very patient trying to buy
into the highs around 107.00 because this is considered major resistance
today. We will be looking for selling-opportunities
at these highs this morning.
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| Crude Oil Anchor Chart 2 |
Our second Anchor chart, the 1800-tick, shows us much of the
same price-action this morning. We can
see resistance at 107.00 and we have short term support at 105.84 and 105.47
for a profit-target with our selling-opportunities this morning. We want to
sell short down to 105.84 for our first opportunity to sell this morning. If price-action can drop down to the support zones
below us at 105.84 and 104.96 we will then consider buying opportunities if the
market personality confirms later in the day.
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