Oil continues to be a game of two halves, with Brent reacting positively to the overnight American Petroleum Institute’s ( ) crude inventory data, while WTI continued to sag as Hurricane Harvey necessitated refinery shutdowns, leaving U.S. crude with no home to call its own.
I want to point out some issue. First of all, we are and we closed a lot of short orders with more than 1500 pips and still have open positions looking forward to hitting their targets. CRUDE OIL is a difficult instrument to trade, especially on EIA Reports’ announcement. Following are the data to be released.
10:30 USD Crude Oil Inventories -1.908M -3.327M
10:30 USD Crude Oil Imports 0.605M
10:30 USD Cushing Crude Oil Inventories -0.503M
10:30 USD Distillate Fuel Production -0.196M
10:30 USD EIA Weekly Distillates Stocks -0.846M 0.028M
10:30 USD Gasoline Production 0.518M
10:30 USD Heating Oil Stockpiles 0.450M
10:30 USD Gasoline Inventories -0.989M -1.223M
First data ( Inventories ) is the most important one. But you need to pay attention to Cushing Crude Oil Inventories data as well. In case of one data is positive and the other is negative Crude Price can make movement.
I have published before. Symmetrical Triangle supposed to be broken down ward and it did. We still have minimum 500 pips potential down side action. There is a critical support @ 42.47 but before this level, another line must be broken. It is the 0.236 @45.40. I believe this level will be tested today.
Crude Oil H4 Chart
Upper side of the current level , 46.54 and 47.03 are the possible levels likely to be tested. Any upward price actions towards those levels can be used as a SELL opportunity.
46.10 , 45,70 and 45.40 are the price levels and 45.40 is the major support. Breaking below 45.40 will accelerate the downside movements towards 42.40
I have updated our open trades for our premium members.
Summary: CRUDE . Our stop loss is @49.60