July 2, 2012
- in Uncategorized by schooloftrade
Crude Oil and E-Mini Russell Futures Technical Prep
900am EST
The Crude Oil OPEN trade has produced a bullish bias so we’relooking to buy using the wave pattern at this time it the morning with a target
of 84.10. we can see the bearish price
channel on Crude Oil 144-range chart, along with the price action trading INSIDE
DAY just below the PHOD. If price tests the PHOD and reverses we will sell
short. If price tests the PHOD and keeps
moving higher we will buy with a wave pattern and a target of 86.61. Didn’t we see the heat map saying BEARS had
control today? This is EXACTLY why we don’t
commit to one direction or the other.
We can see the double-bottom on the 21-range chart as well as
the fact that the resistance provided from the double-bottom has been violated,
and we conveniently sit on top of the MAX extension resistance from the double-bottom. Which way do we go next? I don’t think anyone knows YET today, but we
will be ready when it tells us.
the fact that the resistance provided from the double-bottom has been violated,
and we conveniently sit on top of the MAX extension resistance from the double-bottom. Which way do we go next? I don’t think anyone knows YET today, but we
will be ready when it tells us.
930am EST
The E-Mini-Russell is screaming at us the market personality is
very sloppy this morning with lower volume than our average Monday morning. We know why, and we need to be careful because
of this today on the E-Mini-Russell. We
can see a price wedge on the E-Mini-Russell and since we’re below the PHOD we
want to be sellers today at these highs.
