TECHNICAL TAKE - NYMEX LIGHT CRUDE (WTI) INVENTORY RESULTS TRADE SETUP
I will be looking at NYMEX LIGHT CRUDE (WTI) today and specifically on the inventory numbers coming out today at 17:00 local time. There is an expectation that there will be a build in inventory of around 4.022 M barrels of oil. So, a build in inventories means that there is more supply than demand in the market for oil expected. On the back of this I have two possible set ups on the back of the results.
Note: There will be lots of volatility in the price when the numbers are released so take care on your stop levels if you are not in the trade already.
The Short:
SHORT TRADE SET UP (graph above):
- Entry: Sell (short) $ 48.52
- Stop loss: $ 50.41
- Target price 1: $ 47.16
- Target price 2: $ 45.84
The Long:
LONG TRADE SET UP (graph above):
- Entry: Buy (long) $ 49.71
- Stop loss: $ 47.37
- Target price 1: $ 52.00
- Target price 2: $ 53.76
Chart Source - Bloomberg
Always remember to apply your risk management measures before placing your trades as this will keep you trading in the markets.
Read more notes by Barry HERE.
Barry Dumas | Trading Specialist at GT247.com
Disclaimer: Any opinions, news, research, analyses, prices, or other information contained within this research is provided as general market commentary, and does not constitute investment advice. GT247.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. The content contained within is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
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