6/13/2012 Weekly Crude Oil Inventory Report (0430 HI time / 1030 EDT)
SPIKE WITH 2ND PEAK
Started @ 83.12
1st Peak @ 83.56 – 0432 (2 min)
2nd Peak @ 84.01 – 0441 (11 min)
Reversal to 83.40 – 0505 (35 min)
Notes: Smaller than expected drop in supply caused a strong and safe spike and 2nd peak. With the market rallying from a intraday low earlier due to the very bearish retail sales report, all the SMAs were below the price action and the market crossed the PP Pivot near the origin, then briefly climbed above the R1 Pivot on the 2nd peak for an impressive 89 ticks before the reversal reclaimed 61 ticks 24 min after the 2nd peak.