Crude Oil Inventories & E-Mini Russell Trading Opportunities today

900am EST

Crude Oil futures trading in a long term bearish price
channel on the 144-range chart.  We know
that the high-percentage trades on a bear price channel is to sell at the highs
of the price channel or the range.  We can
also see some simple trend lines drawn from swing-high and swing-low along with
the PHOD and PLOD which tell us we’re trading right on top of the highs from yesterday.  We saw Crude Oil push new higher-highs this
morning, so we were looking for pullbacks to buy, but now at 900am EST this
market is reversing, and we’re looking for the selling opportunity below the PHOD
at 79.68 with a final target all the way at the lows at 78.36. 

Big clues from the Crude Oil contract.  Inside day and price wedge is a major issue
for fake-out breakouts.  As price rises
to the highs we are selling the reversal, and when price tests the lows we are
trying to buy those lows.   At 900am on Crude Oil if price keeps rising
above the PHOD we can buy pullbacks but don’t forget to leave room for that
trade to run.  And at the highs of the price
wedge we will then sell.

1015am EST

Crude Oil sitting at the highs of the price wedge and the
buyers are trying to push price higher.  The
sellers at the highs are putting up a fight, and not letting those buyers keep
pushing higher.  Our plan of attack on Crude
Oil futures is to buy pullbacks all the way up to the highs, take profit, and
then sell those highs.  Patience at these
highs.