3/9/2016 Weekly Crude Oil Inventory Report (1030 EST)
Forecast: 3.87M
Actual: 3.88M
Gasoline
Forecast: -1.39M
Actual: -4.53M
Distillates
Forecast: -0.04M
Actual: -1.12M
SPIKE WITH 2ND PEAK
Started @ 37.23
1st Peak @ 37.75 – 1031:58 (2 min)
52 ticks
Reversal to 37.43 – 1035 (5 min)
32 ticks
2nd Peak @ 38.02 – 1039 (9 min)
79 ticks
Reversal to 37.39 – 1055 (25 min)
63 ticks
Expected Fill: 37.36 (long)
Slippage: 3 ticks
Best Initial Exit: 37.74 – 38 ticks
Recommended Profit Target placement: 37.63 (just above the R1 Pivot)
Notes: Moderate long spike peaked quickly at the R1 Pivot then backed off before pulling back in the next min to reclaim the R1 Pivot. After a reversal to the 13 SMA, it climbed for a 2nd peak. Then it reversed to nearly reach the 100 SMA.