Crude Oil says to Buy the Price Reversal

Crude Oil Anchor Chart

This morning I am watching crude oil push lower, into the buy zone on our 60-minute anchor chart.  This buy zone, combined with LOTS of news on the calendar this morning will give us plenty of reasons to stay patient and wait for the price reversal followed by entry LONG using the entry-trigger indicators.

You can see the weekly lows and current day lows are right below us at 92.34, with many buy zones below it.  If we make new lower-lows this morning we will stay patient and look for buying opportunities as low as 92.14.  If we get below 92.14 we then will consider selling retracements.

Crude Oil 5-Minute Chart

I am looking to buy crude oil this morning and will use the trend line and PIT session Lows as the profit targets in the short term, with a major runner target all the way up at the Weekly Open at 93.87.  I am looking to buy as early as 92.50 and taking profit at 92.70, 92.88 and 93.04.  I will then look for another buying opportunity above 93.30 with profit targets at 93.52, 93.87.