CL 08 12 (1 Min) 06.20.12

6/20/2012 Weekly Crude Oil Inventory Report (0430 HI time / 1030 EDT)
Forecast: -1.0M
Actual: 2.9M
SPIKE WITH 2ND PEAK
Started @ 83.31
1st Peak @ 82.77 – 0431 (1 min)
54 ticks

Reversal to 83.33 – 0437 (7 min)
56 ticks

2nd Peak @ 82.54 – 0458 (28 min)
77 ticks

Reversal to 83.07 – 0527 (57 min)
53 ticks

Notes: Moderate gain in supply when a small drop was expected caused a healthy downward spike and 2nd peak. With the market already selling off, the report went with the grain and continued the momentum. No SMAs were crossed, and the S2 Pivot was at the origin. The 15 minutes of sideways action from 0515 to 0530 is an indication of resistance at the 83.00 level.