cozzamara

US Oil: Week11 into Wed

TVC:USOIL   CFDs on WTI Crude Oil
Hi Guys,

please note that the formation inside the circle was made right on supportive SMA .
Following the pannant made on Monday and the run made this morning, price pulled back from 59,50 to return below 59 and find support on the ascending SMA at approx 58,73 and bounced to gap up right after release of API Weekly Crude Oil Stock which was supportive for bulls. Tomorrow EIA will release its report which will be crucial for WTI traders.
Overall, despite Tuesday pullback, my view hasn't change from the view I posted on Monday. If you trade intraday you must be quick to take your profits. However, to conclude, if 58.73 is breached 57.87 may be the next supportive level.
Thank you for your support and for sharing your ideas.

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Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.

Comment: Update: 90minutes before EIA datas release and price still pushing on supports. 57.87 has been pierced but still doubts which path to follow.
Can't find a positioning that makes sense without risking to be cut out by market due to forthcoming increase in volatility due to data release.
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