CL 10 12 (1 Min) 08.15.12

8/15/2012 Weekly Crude Oil Inventory Report (0430 HI time / 1030 EDT)
Forecast: -2.0M
Actual: -3.7M
SPIKE WITH 2ND PEAK
Started @ 93.23
1st Peak @ 93.90 – 0433 (3 min)
67 ticks

2nd Peak @ 94.27 – 0515 (45 min)
104 ticks

Reversal to 93.90 – 0535 (65 min)
37 ticks

Notes: Moderately bigger loss of inventory than expected caused a large long spike for 54 ticks in 1 min and 67 ticks in 3 min. With JOBB, you would have filled long at about 93.38, then had an opportunity to get at least 30 ticks or more with ease. The spike crossed all 3 major SMAs near the origin while the :31-:33 bars saw some resistance at the PP Pivot. It then achieved a 2nd peak for 37 more ticks to eclipse the R1 Pivot. The reversal was a relatively small 37 ticks, but the 93.90 continued to act as support long after the report released.