Oil – inflection points for Apr. 12, 2017

Yesterday’s trades

CL K17. Apr. 11, 2017. 30-minute bars.

Sell: $53.50
Keyline: $52.85
Buy: $52.25

In contrast to the larger-than-life moves in gold and the ES yesterday, the oil futures were much more contained and much easier to trade.

The price drifted down from the prior day’s close in overnight trading but the decline stopped at Nat’s keyline.

Once the price reached Nat’s keyline it paused, then rallied up to her first sell level about halfway through the day session. It stayed the for the close, but moved slightly higher in early overnight trading.

The move was easy to see, had very little drawdown, and a profit of about $550 per contract for traders who got the full move.

Oil has now  rallied about $6.50 per barrel since the last week in March

Today’s workbook

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