Crude Oil trades in transition between buyers and sellers in control

Crude Oil trading at the PLOD tells us the buyers have
failed and the sellers are trying to push price lower. We can see the major bear price channel and
the price wedge price structure which are our biggest clues from the 89 range
chart on crude.

55 range chart on Crude Oil shows us the simplest form of
whats most important today in our trading strategy. We can see the PLOD and the transitional
area, we can see the price wedge and the support and resistance above and below
the price wedge.

We have a simple price wedge structure and the support and
resistance above and below gives us an easy plan of attack. I’m buying at the lows and selling at the
highs, trying to avoid entering trades in the middle.

The 21 range chart on Crude Oil shows us the
same basic price structure of the price wedge, however, we also see a new short
term AB=CD Pattern which has given us some major support at 105.00 so we know
what to do when price moves lower.