CL Redux

Quote from NoDoji:

I limited into a very small long @ 91.80 during the 11:11 ET bar, initial stop at .70 and my rules for this particular strategy moves my stop just below the entry bar once I get .10 in my favor. In fact I normally move my stop to b/e after > .10 but in this case the stop was so close to b/e that I let it stand for a second chance.

ADD: PA like this makes one want to just target .10 :p
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thanks, that makes perfect sense to me. I've been tightening my stop once profitable also.

Lot's of resistance at 92.00-92.50 and yet it doesn't seem to want to go lower either.
 
Quote from jas_in_hbca:

thanks, that makes perfect sense to me. I've been tightening my stop once profitable also.

Lot's of resistance at 92.00-92.50 and yet it doesn't seem to want to go lower either.
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After a stunning and technically clean dual trend day like yesterday, I imagine Mr. Market has the tip jar out today :p

Technically speaking, there was a very nice move up yesterday in pre-market to the descending trend line on the 60-min chart, about to the tick. That 92.20 was new lower high resistance as price dropped violently to the lower channel line (still talking 60-min time frame), leaving a lot of longs in trouble. That means there's a lot of overhead supply there that needed to be taken out, hence the weak breakout of 92.20 and quick distribution when price moved back up there and failed to even test the pre-market high.
 
Market Expectations:

10:30 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (previous 366.37M)

Crude Oil Stocks (Net Change) (expected +1.3M; previous +1.67M)

Gasoline Stocks (previous 195.41M)

Gasoline Stocks (Net Change) (expected +0.3M; previous -0.53M)

Distillate Stocks (previous 120.88M)

Distillate Stocks (Net Change) (expected -1M; previous -3.18M)

Refinery Usage (expected 86.9%; previous 86.7%)

Total Products Supplied (previous 18.72M)

Total Products Supplied (Net Change) (previous 0M)
 
Estimates:

Citi-
Crude +1.5
RBOB unch
Distillates -0.5
Refinery Use +0.5

Confluence-
Crude +1.5
RBOB +0.5
Distillates -1.0
Refinery Use +1.0

EoxLive-
Crude +1.5
RBOB -0.5
Distillates -2.5
Refinery Use -0.3

Price Futs Group-
Crude-2.0
RBOB +3.5
Distillates +2.5
Refinery Use +1.0

Ritterbusch-
Crude +1.7
RBOB +1.5
Distillates -1.0
Refinery Use +0.3

Summit Energy-
Crude +1.2
RBOB unch
Distillates -1.8
Refinery Use -0.2
 
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