WTI 25Aug

Thursday’s Auction

As noted in Wed’s analysis, the focus into Thu’s auction on response to Wed’s lower trade cluster, 46.40s-47s, was key as buying interest emerged upon retest of the Stopping Point Low, 46.45s, driving price higher to 47.20s into mid-auction. Responsive selling entered there as Balance developed before initiative buy programs entered at/near 47s, driving price higher, forming a Structural Buy Spike, 47s-47.45s, into the close, settling at 47.33s.

Focus into Fri’s auction on response to Thu’s Buy Spike, 47s-47.45s, within the context of a Stopping Point Low developed at 46.45s following a 5 Wave corrective phase.

 

WTI 24Aug

Wednesday’s Auction

As noted in Tue’s analysis to clients, the focus into Wed’s auction on response to Tue’s Buyside Breakout Area, 47.10s-47s, for confirmation/negation of the Buyside directional attempt as selling interest emerged early in Globex driving price lower from Tue Settle toward 47.05s ahead of the NY auction. Two-sided trade developed early in the NY auction into the EIA data release where sell programs entered at/near 47.50s, driving price lower through the Buyside Breakout Area, achieving the Stopping Point Low, 46.45s, at the Daily 1st Std Dev Low, closing at 46.80s.

Focus into Thu’s auction on response to Wed’s lower trade cluster, 46.40s-47s, within the context of a Sellside directional attempt below Key Structural Support, 47s.

WTI 23Aug

Tuesday’s Auction

As noted in Mon’s analysis to clients, the focus into Tue’s auction on response to Mon’s Sell Spike, 47.70s-47.40s, was key as selling interest emerged early during Globex, driving price lower forming a Gap Lower open followed by minor Sellside continuation in the NY auction to 46.59s. Responsive buy programs entered there as aggressive short covering inventory adjustment unfolded to 48.32s, closing at 48.10s.

Focus into Wed’s auction on response to Tue’s Buyside Breakout Area, 47.10s-47s, for confirmation/negation of the Buyside directional attempt.

WTI 22Aug

Monday’s Auction

As noted in Fri’s analysis, the focus into Mon’s auction on response to Fri’s Balance Cluster, 49.36s-48.55s, was key as selling interest emerged early in Globex, driving price lower toward 47.65s near the Daily 1st Std Dev Low into the London auction as the market was poised to open Gap Lower. Two sided trade developed early in the NY auction as the Gap was not filled before initiative selling interest emerged at/near 47.65s, driving price lower into the close, forming a Sell Spike, 47.70s-47.40s before closing at/near 47.41s.

Focus into Tue’s auction on response to Mon’s Sell Spike, 47.70s-47.40s, within the context of a corrective phase underway.

Week In Review 21Aug