Oil – inflection points for Feb. 27, 2017

Friday’s trades

CL J17 Feb. 24, 2017. 30-minute bars.

Sell: $55.15
Keyline: $54.35
Buy: $53.40

The oil trade was a little tricky for overnight swing traders.

The price made a fake bounce from Nat’s Keyline overnight, a move that may have misled some people about the direction of the real move, and/or stopped out others who got the direction right but set their stops too tight.

The subsequent decline stopped well short of Nat’s Buy level, leaving overnight traders without a good exit point.

By the time the market closed, a good deal of the initial profit had evaporated.

Monday’s workbook

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