Will Crude Move Up this Morning?
Athough Crude has been moving down, it has also formed an area that may now support an upward move, after a period of consolidation.
In this video, Gail Mercer, founder of TradersHelpDesk, shows the support area that has formed on Crude using a multiple timeframe support and resistance indicator. As you can see in the video, support has formed around $50. Additionally, as price was making equal lows, the Stochastics was making higher lows (also known as divergence). This is critical because it shows that the future movement in Crude is likely to be to the upside as price searches for an area of resistance.
Using multiple timeframe support and resistance approach, the most likely area that will act as resistance is either the 50.62 area or the 50.97 area.
This morning at 10am, we will be showing all the different types of binary options and spreads that you can do in anticipation of a move off the Crude Oil Inventory Report. For example, if Crude moves up to the 50.62 immediately prior to the report, how could you take advantage of the anticipated move using either ITM, ATM or OTM binary options prior to the Crude Oil Inventories. To register for the webinar this morning, click here.
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