Buyers Mode Support Long After Inventory Report
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.
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