Short It: Oil Surges On Inventory Decline, Approaches Its Max Upside Level

Spot crude oil surged dramatically higher today after reports of a 14 million drop in inventories hit the wires. Spot crude oil is trading at $47.53, +2.03 (+4.46%). While a monster move, big money is talking about a major resistance level approaching at $47.75. Many pro investors and traders are looking for a potential short here based off the trend line connected between the recent highs (see the chart below). Also, institutional money is telling me that the up move in the last week is still inside the bigger down move from the prior week. This is bearish until that bigger down move is taken out to the upside. Just a helpful heads up.

By Pro-Trader

Anthony Jackson