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• Markets Today: Gold trades sideways, Crude Oil & Mini-Russell push higher
• News for Tomorrow: No Major News in the US
• Trading Opportunities: Price wedge on Gold, Buying Crude Oil and Mini-Russell
We are now trading 07-14 contract on Crude Oil Futures
Crude Oil pushed higher over the weekend, we assume on the concerns coming out of Ukraine, and made it all the way up the highs from last week in the pre-market and then the price-action traded in a very narrow, sideways-trading-range for the rest of the US session.
It is VERY clear that Crude Oil is trending higher, with BIG GAPS in price from one day to the next, which tells us that the moves are happening in the London trading session, and then in the US session we are getting a range-bound market.
IN the US we are used to get the big moves from 8am – 1030am EST, but that hasn’t been happening, so a professional trader will start to find ways to trade this range-bound market each day instead.
Our plan for Crude Oil is to keep using these range-bound markets in the US session to look for buying opportunities at the lows and selling opportunities at the highs because the bigger moves have already happened overnight.
Most Important thing I see on this chart:
The most important thing I see on this chart is two-fold.
First, the long-term-trend is showing us a bullish price channel on this VIP chart. In addition to that, we have a new projection up around $104/barrel which may be a big clue of what is coming in the summer driving season.
Second, the lows of this price channel are conveniently located below us at the prior-week closing price of 102.01 (also a big-round-number). This is WAY too convenient, so we can expect to see price-action push lower tomorrow down to the lows of the price channel before pushing to new higher-highs later in the week.
Important Levels to Watch for Crude Oil tomorrow:
• HOD/LOD: 103.09 /102.49
• PHOD/PLOD: 102.23 / 101.61
• PW-HIGH: 102.65
• PW-LOW: 100.36
• PW-OPEN: 100.44
• PW-CLOSE: 102.01
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