Oil – inflection points for Mar. 17, 2017

Yesterday’s trades

Sell: $49.15
Keyline: $48.66
Buy: $47.35

Oil moved back and forth across Nat’s keyline for most of the overnight session, then spiked down on heavy volume in the day session.

But that was just a head fake. The Fed interest rate announcement, while it didn’t boost oil the way it did the ES and gold futures, was still enough to send the price up to Nat’s Sell level for the close.

The move from the keyline to sell level was worth about $450 per contract, but the volatility would have taken many traders out of the trade.

Today’s workbook