As noted in Wed’s analysis, the focus into Thu’s auction on response to developing Balance, 51s-51.88s, was key as a failed Globex Buyside Breakout to 52s elicited responsive selling interest that drove price lower to 50.20s near our Avg Daily Range Low Expectation into the London auction. Responsive buying interest emerged, developing Balance, 50.08s-51.45s, into the NY auction as a Gap Lower developed. Initiative sell programs entered at 50.15s, driving price lower in a Sellside Breakdown, driving price lower through the maximum daily statistical expectancy (49.79s), achieving the Stopping Point Low, 48.75s, near Composite POC, where responsive buying interest emerged, developing Balance, 48.75s-49.55s, closing at 48.90s.
Focus into Fri’s auction on response to 48.75s within the context of a Stopping Point High in place, 52s.
WTI Daily 24May17
The Focus Into Thu 25May Centered Upon Response To Key Structural Support, 51.03s.
WTI Daily 25May17
Thu's Auction Saw Early Globex False Buyside Breakout To 52s Where Selling Interest Emerged, Rejecting The High Before Aggressive Long Liquidation Developed Through The Daily Statistical Targets Toward Lower Composite POC.
As noted in Tue’s analysis, the focus into Wed’s auction on response to Structural Resistance Area, 51.20s-51.45s, was key as Globex buying interest drove price higher in a Buyside Breakout to 51.88s. Selling interest emerged there, driving price lower back into Balance as a false Buyside Breakout developed. Buying interest emerged post-EIA driving price to 51.83s, challenging the High. Self-similar selling interest emerged there, driving price lower, testing the Globex Low, 51.20s. Initiative selling interest emerged there at 51.25s, driving price lower in a Sellside Breakdown to 51.03s. Responsive buy programs entered there, driving price back into Balance, closing at 51.36s.
Focus into Thu’s auction on response to developing Balance, 51s-51.88s, within the context of potential Stopping Point High in development.
As noted in Mon’s analysis, the focus into Tue’s auction on response to developing Balance, 51.30s-50.75s, was key as minor range extension lower developed during Globex to 50.57s where buying interest emerged, driving back into prior Balance, and toward the Balance High. Minor range extension higher developed to 51.45s as stop clearing developed where responsive selling interest emerged, halting the auction, closing at 51.47s.
Focus into Wed’s auction remains on response to Key Structural Resistance Area, 51.20s-51.45s.
WTI Daily 22May17
The Focus Into Tue 23May Centered Upon Response To Mon's High, 51.43s, Near Key Structural Resistance.
WTI Daily 23May17
Tue's Auction Saw Globex Selling Interest To 50.57s Where Buying Interest Emerged, Driving Price Higher To 51.51s In Modest Range Extension Higher As An Unsecured High Developed.
As noted in Fri’s analysis, the focus into Mon’s auction on response to Fri’s Unsecured High, 50.80s, was key as Globex buying interest emerged, driving price higher in Buyside continuation to 51.43s near Key Structural Resistance where selling interest emerged ahead of the NY open. The market opened modestly Gap Higher, 50.91s, as two-sided trade, 50.80s-51.30s, dominated the NY auction, closing at 51.13s.
Focus into Tue’s auction on response to developing Balance, 51.30s-50.75s, within the context of a potential corrective phase developing following the Stopping Point High, 51.43s.
WTI Daily 19May17
The Focus Into Mon 22May Centered Upon Response To Fri's Unsecured High, 50.80s.
WTI Daily 22May17
Mon's Auction Saw Globex Buying Interest Through Fri's Unsecured High Developing A Gap Higher, 50.91s, As Price Discovery Higher Developed To 51.43s Near Key Structural Resistance.
The Focus Into Week 14-19May Centered Upon Response To Structural Resistance, 48.22s.
WTI Weekly 19May17
This Week's Auction Saw Balance Development Below Resistance Before Buying Interest Emerged Post-EIA, Driving Price Higher In A Buyside Breakout As Price Discovery Higher Developed To 50.90s, Near Our Avg Weekly Range High Expectation Amidst Jun-Jul Contract Roll.