Wednesday, October 26, 2016

Oil: Good News Terrible Action After Crude Inventories Drop

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*After a bullish inventory report today oil gave back gains.
*The OPEC trade could be weighing.
*Good news - bad action is typically a bearish sign.

Oil had a huge run thanks to an OPEC agreement which may now be in question. The jump early today in oil was thanks to an inventory draw. Oil giving up all of the gains in a few hours points to a negative indicator: good news bad action.

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