Oil – inflection points for Mar. 10, 2017

Yesterday’s trades

CL J17, Mar. 9, 2017. 30-minute bars.

Sell: $52.87
Keyline: $51.50
Buy: $49.26

The price dropped sharply to Nat’s buy level in the overnight market and bounced nicely from that level with a small drawdown.

But it never reached her keyline, and traders were left without a clear exit. If you limited your gains, you could exit the trade with a reasonable profit.

But if you held out for the keyline you saw all the profits taken back, and likely were stopped out in the day session.

Oil has now broken down through the previous support on heavy volume. Be sure to read the updated market outlook in today’s workbook.

Today’s workbook