U.S. Oil Inventories: For week ended Feb. 4: Crude Distillates Gasoline Refinery Use EIA data: +1.9 +0.3 +4.7 +0.2 Forecast: +2.2 -1.2 +2 -0.3
Yes, there was basing with slightly higher lows. I was positioning myself pure counter-trend earlier, both attempts stopped out b/e on lack of momentum. So I took a little break and came back, thought about trying to get long again, but waited for a test of the 20 EMA on the 5-min chart. The 20 sold off just as would be expected with the trend and left that classic pullback entry reversal bar (shooting star). But the price action lower today was a real struggle. There was always a bid not far from the previous low, so I had a bullish bias. I saw the 1-tick break to .62 and buyers stepped in on the revisit there. The new shorts were now trapped. I placed a buy stop @ .87, then I took it off, then I was afraid to throw it back on late because of possible slippage, so I jumped in a few ticks before it hit. I expected a good jump out of the gate, but that was crazy!