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Tuesday, May 2, 2017

Pre-Market Analysis and Daily Crude Oil Trading Plan

Looking at Crude Oil on the daily price is at the top of the range from $48-$46.  Price has put in some consolidation here and I’m expecting today could also be consolidated and range bound between 49.76 down to 48.20 currently 48.12.



On the Lower Time Frames, I would like to see a retest on the $49.76 area before pushing lower into $48-46 daily demand zone.  But I’m expecting price to push down overall. 



Would not be surprised to see price push down out of the supply zone and continue to fall throughout the day however the low at 48.20 from 4/27 I think will act as some support to this continuation. 
 
Crude Oil Plan - Still looking at heavy consolidation and expecting more to the downside.  



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