Oil – inflection points for Mar. 20, 2017

Friday’s trades

Sell $49.90
Keyline: $49.00
Buy: $47.95

Oil prices moved up from overnight support around $48.60 and moved above Nat’s keyline before dropping back to the support level in the day session.

The daily range was fairly small (about $700 per contract) but overnight traders had a reasonable short entry at the keyline that captured about $300 per contract with an exit at the close.

Subscribers to the live trade room could have captured a larger part of the move.

This was essentially a consolidation day as traders begin to roll over into the April contract. At the close April was trading about $0.55 higher than March, and there will be some adjustment to smooth out that disparity.

Today’s workbook