Measured move 51+ Crude
Nice API report after market close, but fundamentally, the report was bearish. A gasoline build with a crude draw? Ruh-roh. All we're doing is over-refining crude and turning it into a gasoline glut.
EIA will provide more accurate numbers and the market will provide a better picture tomorrow morning.
My original prediction from channel bottom buy (~$42.50) took a little longer than I had anticipated to play out because of the stop in the mid-point. Alas, we are reaching the top of the channel and we will need to be cautious. It would be nice if we break out of this funk and shoot toward 60s, but we need to respect resistance.
Good luck all.
EIA will provide more accurate numbers and the market will provide a better picture tomorrow morning.
My original prediction from channel bottom buy (~$42.50) took a little longer than I had anticipated to play out because of the stop in the mid-point. Alas, we are reaching the top of the channel and we will need to be cautious. It would be nice if we break out of this funk and shoot toward 60s, but we need to respect resistance.
Good luck all.
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