March 21, 2012

Crude Oil trading sloppy and sluggish ahead of inventory news this morning

We have a price wedge, inside trading day, and a very narrow
and sluggish market personality on Crude Oil this morning.  We can see the narrow price wedge in the
middle of the major/wider price wedge so we trade the price wedge first, and
then we look for fake-out breakouts above the highs and lows, looking to sell
as price rises and buy as price falls.

Our 21 range chart on Crude Oil shows us the price
wedge and the price wedge is the most important clue.  We then open the 13 range chart and the AB=CD
Pattern is showing up to complete the highs of the new short term bull price
channel.  If price breaks below 106.06
the AB=CD pattern will be broken, so look to sell retracements with new lower-lows.

    schooloftrade

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