Intraday trade idea for WTI Crude
Murali Sarma of Trade Guidance, LLC - InsideFutures.com - Wed Jun 12, 7:26AM CDT

Here is today's analysis for you WTI Crude traders. On this news day for WTI Crude, it is always tough to trade it with tight stops. There are reactionary trades and yesterday's API numbers appeared bearish as follows:

  • WTI Crude:+4.852 MB
  • Inventory in Cushing, OK: +2.365 MB
  • Gasoline levels: +0.829 MB
  • Distillate levels: -3.461 MB

In recent months, API reports have come close to recognizing how the EIA has been counting up the barrels, so I would say this estimate isn't to far off from what could come from the EIA at 10:30 am EST today. Recognizing that we have a long from lows still in play and the fact that we are trading well below the third level of support for July'19 expiration WTI Crude which sits at 52.33, here is what we believe could trade into the news today as a continuation short from the overnight move and drop in Brent as well, and therefore we present it as a trade idea for the intraday timeframe.

Trade Setup

cl-setup-61219

Supporting Chart

cld-61219

Drop us a note if this trade does pan out for you and if you are exhausted with trading to orderflow and price back-and-fills all day long. Visit us athttps://www.tradeguidance.comand fill out a contact form and tell us what you like trading.