Friday’s trades
CL K17. Mar. 31, 2017. 30-minute bars
1st Sell: $50.41
Keyline $49.98
Buy: $49.34
Trading in oil futures was a bit unusual Friday, lots of room for big profits but some zig-zagging along the way.
Overnight traders had a fairly simple trade from Nat’s keyline to her first sell level, which was worth about $400 per trade maximum.
But subscribers to the live trade room who were monitoring the intra-day price movement could make twice as much or more — provided they got the entry right.
The price spiked down to Nat’s keyline in the European trading, and spiked back up to the sell level early in the day session.
From that point it retraced almost the entire day-session move before moving decisively through her first sell level and marching up to close just below her second sell level, another $450 per contract higher.
Oil futures have gained a bit less than $4 per barrel this week, a swing worth about $4,000 per contract for those who bought Monday’s open and sold Friday’s close. The close Friday was very close to the 62% retracement of the decline from the beginning of the year.
See the weekly market preview for the longer-term outlook and intermediate-term trends.