May 9, 2013
- in Uncategorized by schooloftrade
Buyers Prepare for Test of BIG ROUND NUMBER on Crude Oil Futures
 |
| Crude Oil 240-Minute Chart |
The 4-hour anchor chart looks a LOT less exciting than the
daily chart we spoke above previously, which is usually NOT the case. We can see this very dramatic initial test of
the 97.01 two days ago, then a steady collapse back down into the Fibonacci trigger-zone
at 95.38, and now it looks like those buyers have fought their way back to a
re-test of the 97.01. It’s almost a
certainty that we will test the 97.01 before 9:00am opening bell tomorrow
morning. Now all we need is the perfect
entry.
daily chart we spoke above previously, which is usually NOT the case. We can see this very dramatic initial test of
the 97.01 two days ago, then a steady collapse back down into the Fibonacci trigger-zone
at 95.38, and now it looks like those buyers have fought their way back to a
re-test of the 97.01. It’s almost a
certainty that we will test the 97.01 before 9:00am opening bell tomorrow
morning. Now all we need is the perfect
entry.
 |
| Crude Oil 60-Minute |
We can see a new short term bullish price-channel has
developed on the hourly anchor chart this evening, which tells us the high-percentage-trades
will be waiting for a pullback to buy near the lows of the price-channel, which
may indeed take some time to develop, but we will be watching for that. We can easily see this short term sideways-trading-range
around 96.65, and if the 4-hour chart is correct this should be the ‘calm
before the storm’ ahead of the push into the 97.00 big-round-number again later
this evening or tomorrow morning in the London trading Session.
developed on the hourly anchor chart this evening, which tells us the high-percentage-trades
will be waiting for a pullback to buy near the lows of the price-channel, which
may indeed take some time to develop, but we will be watching for that. We can easily see this short term sideways-trading-range
around 96.65, and if the 4-hour chart is correct this should be the ‘calm
before the storm’ ahead of the push into the 97.00 big-round-number again later
this evening or tomorrow morning in the London trading Session.
