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Are you ready for Non Farm Payroll News? Crude Oil Daily Price Levels are posted!
Crude Oil Daily:
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| Crude Oil Daily |
So much for that GAP DOWN!
That only took a few hours to fill the gap from earlier this week and
run all the way back up to the highs again.
Remember how we talked about how the buyers failed to test that 94.74 sell-zone
earlier this week? Now those same buyers
are going to try it one more time, but we know there may be Non-Farm Payroll news
that gets in their way Friday morning, so we need to wait and see what the
report comes out as, and most importantly, how the market personality reacts to
it.
60-Minute:
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| Crude Oil 60-Minute |
Take a look at the size of the wide open space to the
downside on this hourly anchor chart!
Look out below!! If these buyers
lose the grip on this price-action after we get Non-Farm Payroll news tomorrow
this price-action will tumble down to 92.19 and erase today’s monster move
up. Furthermore, if the news tomorrow is
bullish we will certainly see a test of 94.53 and we will then make a decision
as to the market sentiment and which direction to trade.
Remember, a test of a sell-zone overhead is a selling
opportunity, so we’re looking for prices to test 94.53, 94.74 and possibly much
higher to 95.10 before exhausting and moving back lower. Be patient if prices push higher. A 5-minute candle closing above the sell-zone
at 95.10 will be very bullish, but we will expect to see prices move higher and
then fail so we can sell it back down. If
prices drop like a rock tomorrow morning we will sell retracements all the way
down to 92.19 and then wait to see what the market sentiment looks like inside
the trigger-zone support. A 5-Minute
candle close below the 91.70 trigger-zone lows will be easy selling
opportunities down to 90.74.
