If you are trading WTI crude oil, then stay on your toes for the next 36 hours. We have several upcoming U.S. economic data releases coming our way:

Time                                                        Event                                                Projection

Tuesday, 4:30 PM EST                  API Crude Oil Stocks                       1.628 million last week

Wednesday, 10:30 AM EST           EIA Crude Oil Stocks                        -2.980 million

Wednesday, 2:00 PM EST             US FED                                             Unchanged, 1.25%

Each of these events will bring heat to the WTI crude oil market. If you are a short-term scalper or day trader, beware! Sudden spikes in participation can drive price directionally in the blink of an eye.

For now, intraday crude is trading to the bull, north of $47.25. Heavy buying above yesterday’s high will ensure a test of last week’s extreme high, $47.74.

September WTI Crude Oil, Daily Chart
 

The FED’s rate decision could drive crude to test the $50.00 range. Analysts predict that the rate will stay unchanged at 1.25%. If there is an unexpected rate hike, then anything is possible. Tread lightly.

The $50.00 level for crude is a key psychological level. It is a big round number that everyone in the market has an opinion on. Odds are that $50 will be a battleground with traders either buying above or selling looking for price exhaustion.

Remember that patience is a virtue. Often, the best idea is to wait for confirmation then act. I will be searching the daily chart looking for a sell if price does not post a trend day up following $50.00 being hit. If price rallies hard, then going long on a pullback with $50 as a stop is the trade.

Currently, the September contract for WTI is trading with huge volumes. The upcoming 36 hours is likely to bring even more players to the party- that can be either a good or bad thing depending on your approach.