It's out at 10:30, consensus is for a rise of 3.5mm barrels of crude. Don't be fooled by initial volatility, it is common for it to be all over the place right after the release from the EIA.
5 years ago
Wednesday, February 11, 2015
USO / EIA Update
The EIA Petroleum Status (weekly) update is due out at 10:30 a.m., I suspect it will be moving, although if you recall yesterday's USO charts and Monday's USO Update, I was hoping that today's close in USO would look like this...
Not only a head fake move below the ascending (Bullish) triangle which throws traders out of the position, but a closing Doji star today. This is USO's price action today in green, I added the yellow line to depict what a Doji or star would look like on the close, this would give USO a broader base and stronger accumulation of the head fake, thus it would have stronger upside momentum, but first the EIA report...
It's out at 10:30, consensus is for a rise of 3.5mm barrels of crude. Don't be fooled by initial volatility, it is common for it to be all over the place right after the release from the EIA.
It's out at 10:30, consensus is for a rise of 3.5mm barrels of crude. Don't be fooled by initial volatility, it is common for it to be all over the place right after the release from the EIA.
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