Oil – inflection points for Apr. 24, 2017

Friday’s trades

Sell: $51.55
Keyline: $50.50
1st Buy: $49.95
2nd buy $49.30

Oil futures have made big moves down this week, including the movement on Friday.

The price dropped to Nat’s keyline overnight and made a couple of false attempts to move up.

But the price was unable to move past the previous close and as soon as the day session started a cascading movement down began that blew past Nat’s 1st buy level

It stopped almost exactly at her 2nd buy and bounced a little into the close.

The move to her 1st sell level was worth about $500 per contract to those who caught it all; the continuation to her 2nd buy level added an additional $600 of potential profit to the trade.

 

Today’s workbooks