Apr 272013

CL 05-13 (1 Min) 3_20_2013

3/20/2013 Weekly Crude Oil Inventory Report (1030 EDT)
Forecast: 1.8M
Actual: -1.3M
Started @ 92.99
1st Peak @ 93.28 – 1031 (1 min)
29 ticks

Reversal to 92.52 – 1058 (28 min)
76 ticks

Notes: Moderate draw in crude inventories when a gain was expected, while gasoline and distillates saw moderate draws. This prompted a long move of 29 ticks on the :31 bar that was unsustainable. As the market was engaged in a downtrend, the long spike was against the grain crossing the 50 SMA and PP Pivot halfway up the bar and eclipsing the 100/200 SMAs at the top. With JOBB and a 10 tick buffer, you would have filled long at 93.10 with 1 tick of slippage. Then you would have seen it hover between 93.13 and 93.21 for the better portion of the bar. Look to exit with about 5-8 ticks and move your stop loss to 93.12. After the spike pulled back, the :32 bar retreated to the origin, then a total of 76 ticks were captured on the fall culminating on the :58 bar.