WTI Crude Oil – Top Economic Event & Trade Idea!
Arslan Butt • 1 min read
Crude Oil traded exactly in line with our forecast shared in Top Two Reasons of Bearish WTI Crude Oil. Today, all eyes are on the EIA Crude Oil Inventories reports. Here is a trading plan for Crude Oil for today.
Quick Review – API Report
Yesterday, the American Petroleum Institute (API) released the stockpiles figures showing a draw of -4.079M which is way higher than the previous figure of -0.761M. That's why we see a slight bullish move up to $50.65.
How to Trade EIA Report Today?
Today at 14:30 (GMT), the EIA is scheduled to release the Crude Oil Inventories. It shows the change in the number of barrels of crude oil held in inventory by commercial firms during the past week. It's forecasted to release -0.5M draw, but after seeing the API figures I think we see nearly -3M to -5M draw in inventories. As a result, the Crude Oil is predicted to show some bullish waves. Are you looking to trade inventories? Then, you must refer to FX Leader News Trading Strategy to ensure profitability.
Crude Oil – Trading Plan
Today, I'm eyeing on the $50.10 as it's a key level to determine the bullish and bearish trend. Taking a buy position is preferred with a target of $50.50 and $50.85. But be careful traders, the news during the U.S. session may cause volatility. Good luck!