A bit earlier, the EIA crude oil stocks report was released to the public, capping this week’s inventories cycle. The number came in on the low side, bringing short-term bulls to the table in force. However, immediate buying gave way to bearish action amid robust participation.
For the rest of the week, I will be looking at scalps to the long from above the 62% Macro-Wave Retracement at $66.85. With an initial stop at $66.72, this trade produces a tidy 10-13 ticks using a 1:1 or sub-1:1 risk vs reward management plan.