Crude Oil Trades using Inside Out Set-Up
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| Crude Oil 233-Tick Inside Out |
We just got a BIG CLUE for crude oil traders this morning as we wrap up a profitable day of trading. We’re expecting to see the short-covering rally late in the morning on Friday, and we just got a failure at the PLOD 92.12 and since we have already moved over 100-ticks this morning we now expect this price to reverse.
We see the price wedge and the double-bottom on the 233-tick chart of Crude Oil and this tells us to buy these lows of the wedge using our trigger zone and the entry trigger indicator, and use the Double-Bottom resistance levels for easy profit targets on the way up.
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| Crude Oil 30-Minute |
The best profit target will be the 92.95 because it correlates to the very-powerful 30-minute sell zone we defined earlier in the trading session. We expect price to stall at the highs of the wedge around the 92.57, however, just wait for the pullback into a trigger zone and then we can keep buying on our way up to the target of 92.95 or hold the runner to the next targets of 93.24 and 93.60.
