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Home / Futures Blog / WTI Crude Oil Finds Support with Help from Large Inventory Drawdown

WTI Crude Oil Finds Support with Help from Large Inventory Drawdown

September 16, 2020 by Jace Jarboe

WTI Crude Oil has stabilized since last week’s strong selloff after failing to break higher above $43/barrel in October. Both API and EIA have now reported bullish inventory data presenting draw-downs for the week ending September 11th (EIA Weekly Status Report Summary). I expect the oil market to continue to rebound and retest the previous $42-43 range that the market was unable to break previously. Technically, I’m seeing bullish momentum to the upside shorter-term and oversold exhaustion on a longer-term scale which confirm a breakout higher. I recommend the following:

BUY GCLV20 @ 39.80.00 or @ Market

SELL STOP @ 38.95 ($850 risk per contract)

SELL LIMIT @ 42.70 ($2,900 profit per contract)

The MINI contract is 1/2 the exposure per contract – QMV20

*Risk/reward are calculated before commissions and fees*

If you are interested in receiving these updates in real-time every day sent to your email,  subscribe to the Jarboe Trading Journal >>

30 MIN CL – Bullish TAS Vega & Navigator = BUY

Daily CL – Recent Bearish Run Looking Oversold & Now Trading Back Above Previous TAS Daily Support Level @ 39.78 = BUY

Jace Jarboe | Futures & Options Broker:
Phone: 312-706-7639
Email: jjarboe@danielstrading.com
Broker Bio

 

Find More Opportunities in Crude Oil Futures Like This One

This is an example of one specific trade, but navigating today’s markets can be tough for new and experienced traders alike. If you’re actively trading futures and are looking for the insight, education, and empowerment to make better trades, join the Jarboe Trading Journal for the guidance you need. In the meantime, download my free Introduction to Oil and Gas Futures guide to expand your knowledge of the energy futures markets and prepare for the next opportunity.

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Filed Under: Trading Advisories

About Jace Jarboe

Jace Jarboe is a Futures & Options Broker with Daniels Trading. He is a licensed Series 3 and Series 34 broker with the National Futures Association (NFA). Prior to joining the futures industry, Jace attended Indiana University where he received a Bachelor of Arts degree in Economics. Since 2016, Jace has been devoted to learning all aspects of the futures industry and is dedicated to helping his clients achieve their short and long term trading goals. Jace assists clients in a variety of commodity sectors, with both speculating and hedging, and through utilizing futures, options, spreads, and spot FX. He uses his combined technical and fundamental analysis trading style to identify the best market trends and opportunities available. Jace aims to present trade recommendations which are most suitable for each specific client depending on their risk tolerance and intended trade duration. He has worked with hundreds of clients in his experience. In 2020, Jace launched his own trading advisory to further promote his futures markets expertise to a wider audience. This market newsletter is called the Jarboe Trading Journal and focuses primarily on presenting real-time trade recommendations to subscribers.

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