Crude Oil intraday analysis

We have Crude Oil inventories here at 11 am today from the EIA. A delayed one for the first major holiday leading into the summer amidst the corona virus outbreak where summer driving wasn't what it used to be up until last year. To counter the falling demand in product and crude, manufacturers have been cutting production and thus far the resurrection of prices have shown promise from a record negative price print earlier in the year.

Our analysis for today shows a long setup into the inventory news that leads into a short setup as follows:

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If you elect to use these numbers for guidance today, please trade them with the associated stops that are shown so you can be in the market tomorrow again to trade. Stops, are important part of intraday trading. Those interested in charts or have a request for us to analyze their favorite futures instrument, drop us a note.

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