CL 10 12 (1 Min) 08.22.12

8/22/2012 Weekly Crude Oil Inventory Report (0430 HI time / 1030 EDT)
Forecast: 0.1M
Actual: -5.4M
SPIKE/REVERSE
Started @ 96.73
1st Peak @ 97.18 – 0432 (1 min)
45 ticks

Reversal to 96.74 – 0435 (5 min)
44 ticks

Notes: Large loss of inventory when no change was expected caused a decent long spike for 45 ticks in 1 min. I included the large green :30 bar since the spike occurred at :59 seconds and after the JOBB bracket would have activated. With JOBB, you would have filled long at about 96.88, then had an opportunity to get at least 10 ticks or more with ease. The market was already trading above all 3 major SMAs at the report release. Then it reversed strongly, leaving a large wick on the :32 bar and giving back all of the gains in 5 min. Then it oscillated upward for the next 90 min finding support between the 50 and 100 SMAs, and resistance between 97.35 and 97.50.