Crude Oil Market Update

There is nothing much to do here right now, so I will provide you with a free Market Update on Crude oil as well. Actually we have here the same market situation like in Euro Bund. We can figure this out with a simple look at the plain daily chart without any further complications:

crudeoildaily

It is obviously that the market is awaiting some stuff from OPEC and today’s Crude oil inventories. However, next chart to observe is the monthly time/volume profile. Here we can identify a open inside of value and the acceptance area from the previous month’s profile. I will keep an eye on the extremes again.

crudeoilmonthly

Moving forward to the weekly profile, we can identify a some kind of previous double distribution profile. The market opened inside of the previous week’s value close area and range. The beginning was quite rotational and in the end we visited the low volume/time area which explains the current balanced behavior as the market filling that with time and volume. As we opened in the upper distribution and inside of the previous value area a short trade from the ETH volume value area high close level (VVAH) with the potential target of VVAL or lower distribution area made the most sense and played out very well.

crudeoilweekly

Most times I avoid to pay any attention to the daily profiles but it makes sense to mention the previous poor high as a potential area to revisit in this case. The market opened inside of the previous value area and the profile seems to be quite balanced. Again, pay more attention to the higher time frames such as the weekly profile to determine the market context in order to identify potential trade levels with confluence.

crudeoildailyprofiles

Anyway, I will observe the market behavior at the weekly extremes for any potential trade today. Be cautions as we have inventories data later this day.

Stay happy and focused!