WTI 23Sep

Friday’s Auction

As noted in Thu’s analysis, the focus into Fri’s auction on response to Thu’s Sell Spike, 46.35s-45.90s, was key as selling interest emerged early in Globex, driving price to 45.45s in the London auction. Responsive buy programs entered as aggressive short covering inventory adjustment developed back to challenge Thu’s High, 46.50s. Responsive selling again emerged there as narrow, poorly facilitated  Balance trade developed, 46.45s-46s, as an intraday d shape distribution developed (implying growing potential for directional activity). Initiative sell programs entered at/near 46.10s, driving price aggressively lower out of Balance as price discovery to 44.22s, near the Daily 2nd Std Dev Low in long liquidation within the context of the 3rd Wave of the corrective phase developing, closing at 44.48s.

Focus into Mon’s auction on response to Fri’s Unsecured Low, 44.22s.

WTI 22Sep

Thursday’s Auction

As noted in Wed’s analysis to clients, the focus into Thu’s auction on response to the Unsecured High, 45.58s, was key as buying interest emerged, driving price higher from Thu’s Unsecured High, achieving a Stopping Point High, 46.33s, as a Gap Higher open developed. Buying interest emerged early in the NY auction at 46.10s, confirming the Gap, driving price higher, achieving the Stopping Point High, 46.53s, at the Avg Daily Range High. Responsive sell programs entered, as Balance developed, 46.50s-46.20s, before initiative selling programs entered ahead of the close at 46.35s, driving price lower forming a Structural Sell Spike, 46.35s-45.90s, closing at 46.32s.

Focus into Fri’s auction on response to Thu’s Sell Spike, 46.35s-45.90s.

WTI 21Sep

Wednesday’s Auction

As noted in Tue’s analysis, the focus into Wed’s auction on response to Key Inflection Point Area, 43.50s-43.70s, was key as buying interest emerged early in the Globex auction, driving price higher toward 45.15s, near the Avg Daily Range High Expectation. Responsive sell programs entered, Balance developed, 45.10s-44.75s, as the market opened Gap higher into the NY auction. Narrow two sided trade continued early in the NY auction as the market accepted the Gap while awaiting the EIA. Initiative buy programs entered at 44.95s post EIA, driving price higher to 45.58s near the 1st Std Dev High, closing at 45.34s.

Focus into Thu’s auction on response to current Unsecured High, 45.58s, within context of a potential termination of the Wave 5 of the  Buyside auction.

WTI 20Sep

Tuesday’s Auction

As noted in Mon’s analysis, the focus into Tue’s auction on response to Key Demand Cluster, 43.80s-44.10s, was key as selling interest emerged in Globex, driving price through the Key Cluster toward 43.26s near Key Structural Support as the market opened Gap Lower. Initiative sell programs entered, driving price lower, achieving the Stopping Point Low, 43.06s, where responsive buy programs entered, driving price aggressively higher back into prior Balance as the Sellside attempt failed. Initiative buy programs entered at 43.65s, driving price higher, achieving the Stopping Point High, 44.39s, near Mon’s Key Supply Cluster. Responsive sell programs entered there, driving price lower in retracement, closing at/near 44.05s.

Focus into Wed’s auction on response to Key Inflection Point Area, 43.50s-43.70s, for order flow confirmation/negation of the potential Higher Low and termination of the 5 Wave Corrective Phase at 43.06s.

WTI 19Sep

Monday’s Auction

As noted in Fri’s analysis, the focus into Mon’s auction on response to Fri Key Demand Cluster, 43.40s-43.70s, was key as buying interest emerged, driving price higher in the Globex auction to 44.50s, where responsive selling entered, developing Balance, 44.50s-44.10s, into the NY open. Initiative selling entered following the NY open, driving price lower in long liquidation to 43.80s where responsive buying emerged, rejecting the Low, driving price back into Globex Balance. Initiative buy programs entered at 44.20s, driving price to 44.70, near the Avg Daily Range High where responsive sell programs entered, driving price lower to 43.80s in retracement, closing at 43.86s.

Focus into Tue’s auction on response to Key Demand Cluster, 43.80s-44.10s, for confirmation/negation of the Buyside impetus off the Structural Stopping Point Low, 43.26s.