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Intraday trade idea for WTI Crude


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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.



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About the author


Murali Sarma, Vice President of Business Integrations Inc., is an internationally known commodities analyst, author, trader and business consultant who has demystified commodity trading and introduced numerous futures trading strategies and indicators to traders - professional, non-professional and the novice trader - throughout the world. Murali began his trading career in the pre-dot-com bubble in 1998, electing to seek instruments to trade which had lesser volatility and offered more predictable analysis. From about 1999 to 2002, Murali traded out of the UK and moving to the US after that and working mostly independently with individual traders while learning from some of the best analysts and traders. While not being formally certified as a commodities trader, Murali preferred to hone in on his analysis and trading skills versus adding academically to his credentials. Murali believes that is isn’t about being right or wrong on your calls, it is about making money!

Murali has helped several traders become successful over the last 10+ years of active futures trading and has a strong following of traders who like to seek out opportunities in the futures markets on a daily basis versus following the old “buy & hold” investing adage. While not being opposed to switching hats and becoming an “investor” every so often with swing trades in the equities markets, Murali prefers to trade what he can see on charts using multiple timeframes and handcrafted indicators suited for all types of markets. Murali excels in trading sideways and choppy markets with a scalping style of being in-out of intraday markets when there is no defined trend, and on most other days prefers trading to his own computed target levels during the intraday timeframe, while following the trend.

In recent months, Murali has started a Twitter based alert service for intraday futures traders who like to trade commodities and index futures, and elected to blog post his daily analysis in commodities like WTI Crude & Gold and index future instruments like YM, NQ, ES & RTY. You may contact him via his email at info@tradeguidance.com

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