Crude Tops

Outlook 05/07: The week starts quietly in the equity markets but crude prices rose above $70 a barrel overnight for the first time since November 2014 on growing concerns over the collapse of Venezuela's oil industry and possible new sanctions against Iran.

/ESM8 Value: YVAH 2669 YPOC 2664 YVAL 2643

/ES Plan: Friday market closed bullish and overnight is balanced, moving above Friday's value, so we've these options:

A) If market remains above YVAH 2669 with bullish internals, be a buyer leaning on 2669-67 towards ONH 2675.75 HVE 2681 and HVE 2690-2700. 'Look below and fail' is a signal of strength.

B) If market starts to move below YVAH 2669 with bearish internals, become a seller leaning on 2669-67 towards ONL 2661.25 and LVNs 2650-2643. 'Look above and fail' is a signal of weakness.

Tips: Trade entries and exits always depend on each trader account size, financial situation, risk tolerance and time frame style (swing or scalp). You can combine both (Scalp/Swing) in a scale-out trade strategy, where one set of contracts is scalped and a second set is left open for a possible runner towards key levels (VAH-VAL/HOD-LOD/PBT-GAP).

Today's Economic Calendar

12:30 PM TD Ameritrade IMX
03:00 PM Consumer Credit
03:30 PM Fed's Evans Speech

Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.

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