5 Swing Trades for Wednesday | Crude Oil, Gold, E-mini & Euro Futures 05/24/16

Crude Oil is bullish and trading at the highs of a spike & channel this evening which tells the buyers to take profit and wait for the next opportunity back at the lows of the channel while the short-term sellers have a small window to ‘scalp’ back to the lows.  The bulls had control for almost the entire session today with a spike & channel to start the session which eventually widened-out after the API-Inventory News was released at 4:30pm EST.  Price is currently at the highs of the channel which is a horrible place to buy, so the bulls will stay patient and look for lower prices down at the channel lows which will give the sellers a short-term window of opportunity to sell back to the channel lows before the buyers become interested once again.