Oil – inflection points for Apr. 19, 2017

Yesterday’s trades

CL M17. Apr. 18, 2017. 30-minute bars.

Sell: $53.30
Keyline: $52.80
Buy: $52.15

Note that we are now trading the June contract in oil, CLM17.

Overnight the oil futures fell to Nat’s keyline and a bit beyond. Overnight traders who entered long at that point faced a drawdown of about $200 per contract.

But after that they were rewarded by a spike up to within a few cents of Nat’s sell level followed immediately by a decline back down to the keyline and past it to the overnight support level around $52.60

Those two movers were worth about $600 per contract in each direction.

Today’s workbook

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