8 Trades for Friday | Crude Oil, Gold, E-mini & Euro Futures 05/26/16

Crude Oil is bearish and trying to finish rotation off the highs of a bear channel this evening but major support levels are getting the way which tells us to look for a ‘trap high’ for the most reliable selling opportunities tomorrow.  The bulls had control for the beginning of the session today but after the buyers tried twice to keep price above the $50 level the sellers had an easy time taking control and sending price lower.  We have a bear channel that is trying to complete rotation back to the lows but the measured-move lever are making it hard for the sellers to find a way into the move.  With too much support in the way, we can expect price to move higher back to a prior level of resistance (so the sellers can sell high) or break-down below the support so sellers can use it as resistance on the way to the low of the channel tomorrow.  Buyers will have a short-term opportunity to buy a pullback above the triangle with a target up at the next resistance levels overhead.