Crude Oil flirting with the PHOD and day traders look for the price to failure

Crude Oil trading at the highs of its range, just above the PHOD
so buyers are in control. We are looking
to buy pullbacks above the PHOD with strong buying pressure, and then if the
buyers fail above the PHOD we know the sellers will ‘smell the blood in the
water’ and they will try and bring it right back down into the range from yesterday,
turning this into an inside day, below the PHOD.

We can see trend lines drawn overhead to create
a price wedge structure, and trigger-zones drawn as support below us using the swing-lows
below the major swing-high. If price moves lower we have major support at
107.55 which makes a great target when you sell below the PHOD. If price moves below 107.55 we then start
selling retracements. Our targets for
the short trades will be the trigger-zone below us as support. If price moves higher we have an AB=CD
pattern which creates resistance above the trend line which we found from the
slower 89-range chart. As price rises I’m
selling at resistance until we break through resistance and it turns to support
and I will buy pullbacks with new higher-highs.