Thursday’s Trade Plan | Crude Oil, Gold, E-mini & Euro Futures 05/25/16

Crude Oil is bullish and trying to complete a wedge target up around the $50 round number this evening but we’ve already tested the measured-move and a big overshoot of the channel tells us the most reliable buying opportunity will be after a pullback to prior support levels below.  Crude Oil began the session trading inside a range ahead of the Inventory Report and then broke higher on strength in the afternoon.  The bull wedge gives the buyers a target up around $50 but the channel-overshoot and measured-move resistance are big clues telling the buyers to either take the breakout-pullback as it goes higher or wait for a pullback to a previous swing and look for a bear-trap before going back to the highs.  Sellers will need to be careful tomorrow because any pullback will be bought by the ‘swing buyers’ with a target up at $50.