Buyers Mode Support Long After Inventory Report

Trade Notes

Crude oil opened this morning below term structure but also didn’t break lower on 58.75/50. Yesterday held the 58.08 volume nodes twice so stop losses were parked above. Placed a long trade at 58.83 off the buyer support off the POC after the release of the report with a target of a 58.33 and a stop at 58.65.

Trade was just shy of the 50 tick target at 47 ticks and the stop was placed at the +30 ticks on that fast run-up. The target was never reached and was taken out of the trade at +30 ticks. This price movement to the upside in this trade was motivated by running stops. Notice later the market could not sustain these higher prices after the stops were cleared out.

Trades Position Results
58.83 Long $300
     
Totals   $300

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