Yesterday’s trades
CL J17, Mar. 29, 2017. 30-minute bars.
Sell: $49.35
Keyline: $48.75
Buy: $47.70
Oil made a big, fast run up on the strength of a mixed inventory report in mid-morning and held the gains through the close and into the early after-hours market.
The Wednesday inventory report showed crude inventories up and gasoline inventories down, but that was enough to ignite a major momentum move.
The price moved from below Nat’s keyline to past her sell level, and those who were quick enough to recognize the move saw potential profits of $600 per contract or more.
Those who attempted to short the rally, looking for an over-bought pullback, were slaughtered.