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Trading Crude Oil Futures on EIA Report Time 8.24.2016

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1. Market Commentary
2. Futures Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Commodities Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Commodities Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Futures Economic Reports for Wednesday August 24, 2016

Hello Traders,

Greetings!

Tomorrow, like almost every Wednesday, we will have EIA report at 9:30 AM Central Time. This report definitely moves the energy sector, crude oil, heating oil and unleaded gas.

The one I follow the most, as I feel it is suitable for day trading is Crude oil. I have shared many of my observations about trading crude on this blog before. Today I want to talk specifically about the report.

Two main ways in my opinion to trade the report:

  1. Don’t trade it…Get out 5 minutes before and wait 5-10 minutes after the smoke clears before you resume trading.
  2. Be flat before the report and place limit orders with corresponding stops and profit targets to buy low and/ or sell high. Perhaps look at bollinger bands on the 15 minute chart and use sell and buy limits around the extreme. If you brave enough , have enough risk capital and experience to go about it, make sure you have stops attached to these limit orders as the market can move very FAST. Not just that, you can also expect slippage. That being said, I have seen crude oil make some extreme moves right on the number only to come back either way before making another extreme move…If you looking to try this I HIGHLY recommend to use a demo account first and see how it goes. Don’t jump in with real money just because you read about it somewhere….( here in this case).

Below you will see 10 seconds chart for last Wednesday to give somewhat of an example, followed by the 15 minute chart below.

GOOD TRADING

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

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Futures Trading Levels

Levels for Trade Date of  8.24.2016

Contract Sept. 2016 SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 2203.83 4863.75 18704 1267.30 95.03
Resistance 2 2197.67 4850.25 18660 1259.10 94.80
Resistance 1 2191.58 4834.75 18595 1253.10 94.66
Pivot 2185.42 4821.25 18551 1244.90 94.43
Support 1 2179.33 4805.75 18486 1238.90 94.29
Support 2 2173.17 4792.25 18442 1230.70 94.06
Support 3 2167.08 4776.75 18377 1224.70 93.92
Contract Dec. Gold Sept. Silver Sept. Crude Oil Sept. Bonds Sept.   Euro
Resistance 3 1357.8 19.26 50.39 174 1.1402
Resistance 2 1353.3 19.18 49.35 173 16/32 1.1384
Resistance 1 1347.9 19.00 48.66 173 1/32 1.1350
Pivot 1343.4 18.92 47.62 172 17/32 1.1333
Support 1 1338.0 18.74 46.93 172 2/32 1.1299
Support 2 1333.5 18.66 45.89 171 18/32 1.1281
Support 3 1328.1 18.48 45.20 171 3/32 1.1247
Contract Dec. Corn Dec. Wheat Nov. Beans Dec. SoyMeal Sept. Nat Gas
Resistance 3 343.7 437.3 1028.25 337.00 2.91
Resistance 2 341.6 435.2 1022.50 334.30 2.84
Resistance 1 339.4 431.3 1018.00 331.40 2.80
Pivot 337.3 429.2 1012.25 328.70 2.73
Support 1 335.2 425.3 1007.8 325.8 2.7
Support 2 333.1 423.2 1002.00 323.10 2.61
Support 3 330.9 419.3 997.50 320.20 2.57

source:http://www.forexfactory.com/calendar.php

All times are Eastern time Zone (EST)

Date 4:13pm Currency Impact Detail Actual Forecast Previous Graph
WedAug 24  2:00am EUR
German Final GDP q/q
0.3% 0.4%
4:30am GBP
BBA Mortgage Approvals
38.5K 40.1K
9:00am EUR
Belgian NBB Business Climate
1.1 1.0
USD
HPI m/m
0.3% 0.2%
10:00am USD
Existing Home Sales
5.55M 5.57M
10:30am USD
Crude Oil Inventories
-0.7M -2.5M

This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.

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