|Crude Oil Anchor CHart|
The Crude Oil Futures market is trading sideways this morning with a slightly-bearish tone to the market sentiment. We recently had a cross on the anchor chart, however, the anchor chart shows us that we are likely inside the range from 103.77 down to the big-round-number at 101.00.
We can see from the anchor chart that we have a bearish price-channel along with 2 resistance zones that we will use for selling-opportunities in the direction of the bearish trend. We will sell the resistance at 102.41, 102.73, 103.19 and 103.46. We can also get short at the highs of the price-channel, so keep an eye out for a rising price-action and then a big collapse later in the session.