CL Redux

Quote from Laissez Faire:

Indices looking due for more down side and with crude oil below average range, I would bet on more down side here as well.

A test of 93,65 perhaps?

I`m thinking if we trade down there, we could drop even further. :p
More...

Then why did you not trade it, you stupid asshole? :p

Update.

Another 10 point drop from the last retrace high should take us down to the 85 area. Who knows.

Maybe we snap back up from here and find a bottom around 94.

I suppose it depends on what happens in related instruments as well.
 

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Overnight high breached.

May go for a run towards yesterday`s range or the overnight low, but I`m expecting choppy action and range bound conditions towards the inventory release.

Then, I`ll see if I can try to ride the expected minimum one dollar swing that we typically see starting around the release of the inventories data.

Anyone else looking to capture a piece of that swing? :)
 
Last Wednesday, we had a 50 cent range like now up until 15 minutes prior to the release, where we made new lows for an 89 cent range.

Then, we reversed and made new highs on a 129 tick momentum swing to the up side starting exactly at the release, pulled back 62 cents before a new 82 cent up swing.

Let`s see if we can get a double top on another push up towards the current HOD.
 
89 cent up swing and range completed. Looks like a good place to pull back now, but the indices look strong so we might possibly go higher.

A sweet pullback to enter long on the inventory data, would be nice.
 
A sizeable dollar swing as we typically see should take us at least to 94. Let`s see if we can pick up momentum now.

Stalling here, I suppose we may trade lower instead. :eek:
 
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