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Crude Oil Futures trading at the lows of the major trading range
shows some sideways ranges and some sloppy market personality. Crude Oil trading in a sideways range, so
selling the highs and buying the lows will be our main priority. Gold futures trading in a bearish price
channel with the high-percentage trades coming in the form of selling at the
highs of the price channel. The Euro
currency futures has a price wedge so we will avoid the middle of this range,
buying the lows and selling the highs. The
E-Mini-Russell is right in the middle of the price wedge which tells us sloppy
price action is expected in the middle. We
have failed to break new higher-highs above PHOD so we expect the price to fall
to the PLOD on the E-Mini-Russell at 760.0 area.
845am ESTCrude Oil Futures trading at the lows of the
major trading range. We can see major support
at 77.49 location and this is a very important area for the bulls and the bears
trying to push price higher or lower. We
can see the short term price channel has developed into the lows which tells us
the high-percentage trades on Crude Oil will be selling the price channel highs. We are trading INSIDE the range from Wednesday
so sell the PHOD as resistance and then buy pullbacks above the PHOD with new higher-highs.
The high-percentage trades this morning at
this time on Crude Oil is to buy pullbacks above the PHOD, selling short below
the PHOD if the buyers fail, and then if we can get to the highs of the bear price
channel we will sell those highs.
