Downward trend, but a touch of 60.00 or 59.xx would most likely prove a bounce.
IMO, if the inventory numbers are:
1) Storage levels above expectation (seasonal and yearly levels), price may move down to 60.00 or 59.xx
2) Storage levels inline with expectation, price may move up;
3) Storage levels below expectation (seasonal and yearly levels),price may move up substantially (150-175 ticks, best guess)
IMO: News about the delay on the Saudi IPO will continue to take some wind out of buyers.
IMO, if the inventory numbers are:
1) Storage levels above expectation (seasonal and yearly levels), price may move down to 60.00 or 59.xx
2) Storage levels inline with expectation, price may move up;
3) Storage levels below expectation (seasonal and yearly levels),price may move up substantially (150-175 ticks, best guess)
IMO: News about the delay on the Saudi IPO will continue to take some wind out of buyers.