Crude Oil is currently in a holding pattern, but could see a breakout soon – one that could move the market about 4 points. Here’s why..
3-Day Range
The 15-minute chart of Crude Oil futures shows price has been trading within a well-defined trading range over the last month of trading. This range spans about 7 points, with breakout moves easily moving 4 to 5 points in quick bursts.
Notice how price has been methodically moving between periods of range contraction and range expansion during this trading range market. Crude is currently within a 3-day range at lows from $86 to $88 and could see a breakout from this range for the next period of short term range expansion. Watch the boundaries closely, as a breakout could spark an easy 4-point move over the next 2 to 3 days.
Unchanged Value Area
Drilling down into the 15-minute chart shows price is clearly winding up for a breakout move ahead. As a matter of fact, the value area is virtually unchanged from yesterday’s levels to today’s anticipated levels, which is usually a sign of an upcoming breakout.
Again, watch the 2-point range closely ($86 and $88) for signs of a breakout opportunity, as another nice move could be seen.
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Let’s see how this Crude play works out!
Cheers!
Frank Ochoa
PivotBoss.com
Follow Frank on Twitter: http://twitter.com/PivotBoss
