May 8, 2013
- in Uncategorized by schooloftrade
Crude Oil trades sideways trading range; Which way do we trade tomorrow?
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| Crude Oil Daily Chart |
The daily anchor chart shows us a BIG CLUE
this evening. Look at the last 3 daily candlesticks and we
see three days of almost the same exact trading range. We’ve seen sideways-trading-ranges all week
so far, and this daily chart confirms that for us.
Last Friday we had wicks on both top and
bottom.
Monday this week we have a FAT bullish-engulfing candle which made it
APPEAR the buyers had won this battle with the sellers, but then today’s candle
(Tuesday) shows us another set of wicks on the top and bottom and its colored
RED which leads us to think the sellers have taken back that control.
bottom.
Monday this week we have a FAT bullish-engulfing candle which made it
APPEAR the buyers had won this battle with the sellers, but then today’s candle
(Tuesday) shows us another set of wicks on the top and bottom and its colored
RED which leads us to think the sellers have taken back that control.
We know one thing for sure; this price-action
is telling us to be ready for high-highs or lower-lows later this week, and we can see from this price wedge
resistance overhead that we would love to sell short with all the wide open
space below us. Trying to push higher is
going to require some effort on the buy-side, and we are excited to see what
tomorrow brings.
is telling us to be ready for high-highs or lower-lows later this week, and we can see from this price wedge
resistance overhead that we would love to sell short with all the wide open
space below us. Trying to push higher is
going to require some effort on the buy-side, and we are excited to see what
tomorrow brings.
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| Crude Oil 30-Minute Chart |
