Tuesday, October 8, 2013

Crude Oil Day trading strategy; SchoolOfTrade.com

Crude Oil Anchor CHart

Crude Oil is trading higher this morning in a bullish long-term trend with trend-line support below and major trigger-zone resistance above at 105.45.  we will buy pullbacks using the wave-pattern-long with a profit-target at the 105.45 and then we will look for a selling-opportunity at those highs.

Crude Oil Set Up Chart
The set-up chart on Crude Oil shows another bullish market sentiment and trend price-channel along with support levels at 103.27 and 102.89.  We can see the resistance levels at 103.84 and 104.09 are holding strong at this time, but the short-term trend is clearly bullish so we will be looking buying opportunities today as long as this continues.

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