April 3, 2013
- in Uncategorized by schooloftrade
Crude Oil Futures; Projections & Predictions
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| Crude Oil weekly |
This afternoon’s drop in Crude Oil prices made us some great profit today selling the highs of the price wedge, and it will definitely put a spin on tomorrow’s Jobless Claims news. Here’s what I will be watching tomorrow morning with our members in the trade room.
Weekly / Daily Chart Analysis:
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| Crude Oil Daily |
We can see the price wedge highs have held nicely on the weekly chart of CL 05-13. These price wedges are very easy to trade, the key is not getting hooked into thinking they are going to make new highs. We see sell zones above us at 97.22 and 101.91 which will also complete the symmetrical move higher. We see support below us at 92.48 and 92.41 before we start to open up to the downside all the way down to 87.58.
4-Hour Chart Analysis:
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| Crude Oil 4-Hour |
The 240-Minute chart shows much more information on where tomorrow’s support will be hidden. We can see we’re trading right inside a buy-zone, just tucked above the minor-support 97.35 and most importantly the trend line drawn up from the lows. If we see some ‘leftovers’ on the sell-side tomorrow morning we could easily test and reverse off these minor support levels as people cover shorts on the week ahead of NFP on Friday.
Hourly Chart Analysis:
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| Crude Oil 60-Minute |
The 60-minute chart illustrates today’s price action perfectly. We can see the ‘blowout’ signal fired off just as the price tumbled out of the price wedge and headed towards the 4-hour buy-zone. One thing worth noticing is the lower-low that occurred moments before the drop, as to send us crude traders fair warning of what was to come.
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