Review:

The price was opened at 663.65 and was rising from the Asia market till the New York market. It reached the day high at 671.75 caused by Bernnake speech mention in calm inflation. It then dropped back to 664.85 as oil price dropped more than a dollar because the EIA announced the current inventory level would satisfy the needs for this winter season. The price fluctuated between 667 - 669 and was closed at 668.5 from the recover of oil dropped.

Technical Analysis:

Hourly Chart

The chart shows it reached highest point with opposite to RSI, Stochastic, and MACD. It usually gives a hint that the price will drop. However, we can see there is strong buying power. Supporting is now moved up to 666 and resistance is on 676

Daily Chart

In the daily chart we can see the up trend still persist. RSI still on a high level (69.472), Stochastic is cross over on top, MACD show still on a rising trend.

Market data:

http://www.dailyfx.com/export/sites/dailyfx/story-images/2007/02/calendar/calendar/Calendar_02-09-07a.pdf

Although oil inventory level lower than the previous week. However, it was more than expectation drop, and investment predict it would be enough for the rest of winter season. Note that according from weather.com that cold weather will finish next week.

In addition, market is trying to define the meaning behind of Bernnake speech. Bernnake will have another speech at the end of today.

Strategy:

Long Position: 666, 672.5
Stop Loss : 662

Short Position: 671, 676.5
Stop Loss : 679