WTI stockpile data helped yesterday to reach the 62.3x target

WTICOUSD

As mentioned in my yesterday analysis 62.0x has played a pivotal role in the price action. After a reversion at that level, we have had a drop to the 61 price range.
Thanks to an anticipation of the coming data and a surprising decrease of over 3 million barrels the target I mentioned of 62.3x was quite exactly reached during the US session.
A rejection of that level has created an opportunity to gain velocity to the downside.
After a drop, we can expect a compression area around the 61.5x-61.6x waiting for more volume to move further.
The next major support resides in the 61.0x price range. A pullback at that level can be anticipated as very likely.
A penetration below 61 can open the way to the 60 price range.

Yorum:

A pullback to 61.72 was an opportunity to add on the Short position

İşlem elle kapatılmış:

All positions close@ 61.44.
China is claiming the right to buy oil from Iran, EU is rejecting Iran ultimatum on uranium. That very conflicting background suggests waiting for a new impetus.

İşlem kapandı: hedefe ulaştı:

New Short @62.1x reached target @61.03.
The structure has changed
Waiting for a pullback on the 61.4x area