CL 06 12 (1 Min) 05.02.12

5/2/2012 Weekly Crude Oil Inventory Report (0430 HI time / 1030 EDT)
Forecast: 2.3M
Actual: 2.8M
SPIKE WITH 2ND PEAK
Started @ 105.54
1st Peak @ 105.31 – 0431 (1 min)
23 ticks

2nd Peak @ 105.28 – 0437 (7 min)
26 ticks (3x bottom)

Reversal to 105.61 – 0506 (36 min)
33 ticks

Notes: Moderate gain in supply and small offset of the forecast caused a relatively meager and controlled downward spike. No SMAs or Pivots were crossed. After the initial spike, the market recovered most of the dip, then fell for a incremental 2nd Peak of 3 more ticks. Then it went sideways for 20 min before climbing and fighting through the 50 and 100 SMAs for the reversal.