Because of yesterday’s market update on Crude oil I could not resist to take a trade in today’s overnight session although of my honest statement I would not trade this market currently. My opinion of a bearish market and the selling level which lined up somewhat perfectly with the 50% retracement area was beautiful enough to click the little mouse for a short trade with a stop above the .50 and a first target around .15. After some nerve-wracking hours the market finally bounced down like a bear from a tree onto a trampoline to the first target area and then pushed above my stop level to the previous resistance line. I was lucky to scale out before that bounce and the stop out. That’s that.
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Tomorrow is the day of the inventories again. In the previous report there was an increase by 13.8 million barrels. Let’s see what the API will report later today. Maybe it will give us some clue about tomorrow’s number. However, we can take a look at the inventories chart, technically it could be a head and shoulder pattern:
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Just kidding, though it’s not even funny.
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