CL 08 12 (1 Min) 07.11.12

7/11/2012 Weekly Crude Oil Inventory Report (0430 HI time / 1030 EDT)
Forecast: -1.3M
Actual: -4.7M
INDECISIVE
Started @ 85.43
1st Peak @ 85.79 / Retrace to 85.16 – 0431 (1 min)
36 ticks / -27 ticks

2nd Peak @ 84.68 – 0501 (31 min)
75 ticks

Reversal to 86.49 – 0653 (143 min)
181 ticks

Notes: More loss of inventory than expected of the crude, but a large gain in gasoline caused initial indecision. The gasoline numbers drove the short reaction that achieved a 2nd peak for 75 ticks in 31 min, crossing all 3 major SMAs and the R1 Pivot. The reversal was large and drawn out, claiming 181 ticks in over 2 hrs nearly reaching the R2 Pivot as the traders evaluated the crude numbers again.