5/31/2012 Weekly Crude Oil Inventory Report (0500 HI time / 1100 EDT)
SPIKE WITH 2ND PEAK
Started @ 86.62
1st Peak @ 86.38 – 0501 (1 min)
2nd Peak @ 86.28 – 0506 (6 min)
Reversal to 86.68 – 0510 (10 min)
Notes: Medium gain in supply and offset of the forecast caused a relatively small but safe spike and 2nd peak. With the market selling off dramatically before the report, all the SMAs were above the price action and the market was reluctant to go much lower. The 2nd peak tested the S2 Pivot before bouncing long into the reversal.