Bullish today. Can't rule out a move back down to 2727 - but ultimately I think today will close higher than we open.
From the last EIA report, the SPR has 150 million BBLS remaining. So it will fill up in 75 days @ 2 million BBLS per day.Fed still has storage space in strategic reserves.
Stopped out of the remaining position. Good trade, but damn it went from 16 to 14 pretty fast.Cost basis 12.16. Moved up stop again and holding small size till 17ish.
It could swing both ways on the chart. Still shorting this spike downward for now. Likely range bound until next leg up.Anticipating the LOD (if not already) at 2754 or finally 2727 for a strong move higher.
That's too bad....the 16 level held for about a nanosecond....LOL. 13.60-80 level held pretty well after the EIA report.Stopped out of the remaining position. Good trade, but damn it went from 16 to 14 pretty fast.
It could go up another 30 pts before reverting, so I will trail short in higher.The battle for 2783.50 rages on.