CL Redux

Quote from roreilly:

Out at 88.69.
More...

you get a cigar for that one
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Shorts got slammed on the last move up, which happens often on these one way days, cause as much pain as possible, make everybody who needs to exit, exit at the worst possible price.

So this distorts TA a bit as we went all the way up to 89.22 cannot really call that likely resistance maybe 88.85 area is upward resistance give or take 10 ticks.

I think ultimately we are going back down to test 80 and even 78 my thesis rests on the trend of increased us production over 6 mm a day, and slower demand from us down roughly 2% yoy hard to get too big a rally with those fundamentals in place.

But price can do what it wants in the interum: I just think we have one more run down to test 2011 and 2012 lows at some point over the next 6 weeks.
 
market expectations:

10:30 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (previous 373.08M)

Crude Oil Stocks (Net Change) (previous -2.05M)

Gasoline Stocks (previous 199.5M)

Gasoline Stocks (Net Change) (previous +0.94M)

Distillate Stocks (previous 117.93M)

Distillate Stocks (Net Change) (previous -0.09M)

Refinery Usage (previous 87.7%)

Total Products Supplied (previous 18.33M)

Total Products Supplied (Net Change) (previous -0.81M)
 
Went short at 8:22 at 86.72....got stopped out shortly after at 86.88 exactly...I missed one heck of a move! I have been swamped at work though so couldn't log back in to make another trade on the move down
 
Quote from BlueStreek:

Shorts got slammed on the last move up, which happens often on these one way days, cause as much pain as possible, make everybody who needs to exit, exit at the worst possible price.

So this distorts TA a bit as we went all the way up to 89.22 cannot really call that likely resistance maybe 88.85 area is upward resistance give or take 10 ticks.

I think ultimately we are going back down to test 80 and even 78 my thesis rests on the trend of increased us production over 6 mm a day, and slower demand from us down roughly 2% yoy hard to get too big a rally with those fundamentals in place.

But price can do what it wants in the interum: I just think we have one more run down to test 2011 and 2012 lows at some point over the next 6 weeks.
More...


good analysis
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