March 30, 2011, 10:47 a.m. EDT Oil adds to losses after inventories report SAN FRANCISCO (MarketWatch) -- Crude-oil futures extended losses Wednesday as a weekly government inventories report showed a larger-than-expected increase for the week ended March 25. The Energy Information Administration reported inventories of crude rose 2.9 million barrels for the week, whereas analysts polled by Platts had expected an increase around 2.1 million barrels. Crude for May delivery (NEW:CLK11) declined 81 cents, or 0.8%, to $103.99 a barrel on the New York Mercantile Exchange, dipping a further 10 cents than it traded before the EIA data. The EIA reported gasoline inventories declined 2.7 million barrels, compared to expectations of a decline around 1.5 million barrels. Distillates stockpiles increased 700,000 barrels, against expectations of a decline of 1.4 million barrels.
I have S1 at 103.18 and the end of low end of yesterday's value area at 102.89. Anywhere in there would be a good place to take profits and then wait and see what happens. DX not looking like it wants to break out and could cause head winds for bears.
Not sure why we have different pivots. Hmmm. And yesterday's LOD was 102.70. You are talking about the May CL contract right? Ongoing. It obviously dipped right below my S1 level and then rebounded. We'll see what happens here.
I've noticed your pivot points are different from mine also. I too have S1 at 103.16. I use QT. I remember you telling me you use NT. Perhaps NT uses different formula? Anyways, whatever works. I had an itch to trigger to go long at 103.50 but chickened out when it went slightly below . CSW.
I had that itch too and backed off for the same reason. ditto CSW. I've noticed that a lot of times it does trade off of the pivots I have, but not always. Although I do use them to make decisions, I should give them more weight perhaps then I do. Maybe the trading bots trade off of these. ADD 104.06 is the 20 EMA now. ADD 2 After the selloff, looking at the chart, 103.60 looks like it was a good entry long. That was the one I missed. One of them.