Week In Review 21May

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WTI 19May

Friday’s Auction

As noted in Thu’s analysis, the focus into Fri’s auction on response to Key Structural Resistance, 49.70s-49.90s, was key as Globex buying interest drove price higher in a Buyside Breakout to 50.43s as the market opened Gap Higher, 50.35s, near the Avg Daily Range High Expectation. Buying interest re-emerged early in NY at 50.45s, confirming the Gap, driving price higher to 50.80s near the Daily 1st Std Dev High, closing at 50.67s.

Focus into Mon’s auction on response to Fri’s Unsecured High, 50.80s.

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WTI 18May

Thursday’s Auction

As noted in Wed’s analysis, the focus into Thu’s auction on response to Wed’s developing Upper Cluster, 49.45s-49.05s, was key as Globex  selling interest drove price lower to 48.05s at the Avg Daily Range Low Expectation near Key Structural Support where buying interest emerged, driving price higher into 49.60s (49.93s Jul contract) as Key Structural Resistance was tested amidst Jun-Jul contract roll, closing at 49.35s (49.66s Jul contract).

Focus into Fri’s auction on response to Key Structural Resistance, 49.70s-49.90s in the Jul contract.

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WTI 17May

Wednesday’s Auction

As noted in Tue’s analysis, the focus into Wed’s auction on response to Tue’s Unsecured Low, 48.50s, was key as early Globex selling interest drove price through Tue’s Low to 48.03s near Key Support where buying interest emerged, driving price higher to 49s into the NY open. Balance developed ahead of the EIA data where a shakeout of weak long inventory developed to 48.50s post-EIA where buying interest emerged, driving price higher, achieving the Stopping Point High, 49.50s. Selling interest emerged there, developing Balance, 49.45s-49.05s, through mid-auction, closing at 49.07s.

Focus into Thu’s auction on response to Wed’s developing Upper Cluster, 49.45s-49.05s.

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WTI 16May

Tuesday’s Auction

As noted in Mon’s analysis, the focus into Tue’s auction on Mon’s Upper Cluster, 49.40s-49.85s, was key as selling interest emerged near 49.10s, driving price lower in a Sellside Breakdown achieving the Stopping Point, 48.61s, at Mon’s Key Buy Program Support. Responsive buy programs entered there, developing Balance, 48.60s-49s, into mid-auction, before selling interest drove price lower to 48.50s, closing at 48.66s.

Focus into Wed’s auction on response to Tue’s Unsecured Low, 48.50s.

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