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| Crude Oil News Today |
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| Crude Oil PIT Direction |
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| Crude Oil PIT Levels |
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| Crude Oil Anchor Chart |
Crude Oil is trading
lower this morning with a bearish price-channel as price-action tests the
symmetry support at 103.99. We have two
levels of support around the 104.00 big-round-number. First we have symmetry from the highs coming
down. Second we have the trigger-zone #2
from the major swing-low to the major swing-high.
This long-term trend down
tells us to keep looking for selling-opportunities this morning, however, we
have some very strong support levels waiting for us at 103.99 so we must
proceed with caution to the short-side until we get below the 103.99.
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| Crude Oil 5-Minute |
We can see price-action is
trading near the PLOD on our 5-minute chart this morning. We have a $.75 trading-range coming out of
London, and we are in the middle of that trading-range as we head into the
8:00am EST hour. We can expect to see
lower prices if we stay below the PLOD, and when we breakout of the London trading-range
below 104.01 we can also look for selling-opportunities because the trend will
continue to the downside.
We can see a bearish price-channel
on our 610-tick chart this morning, telling us to keep selling short this
morning. The high-percentage-trades will
occur selling at the highs of the price-channel using the resistance at 104.49
or 104.76. We can see a
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| Crude Oil Entry Chart |
symmetry profit-target
below us at 103.70 this morning.
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