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.

Week In Review 16Apr

WTI 05Apr

Wednesday’s Auction

As noted in Tue’s analysis, the focus into Wed’s auction on Tue’s Unsecured High was key as Globex buying interest emerged, driving price higher forming a Gap Higher open, 51.72s. Minor range extension higher developed early NY, achieving the Stopping Point High, 51.88s, near our Avg Daily Range High expectation into the EIA release. Selling interest emerged post-EIA, driving price lower, filling the Gap, as long liquidation developed to 50.86s where buying interest and a Buying Tail, 50.85s-51s, closing at 50.15s.

Focus into Thu’s auction on Key Structural Support, 50.80s, within the context of a potential Stopping Point High development at 51.88s.

WTI 19Oct

Wednesday’s Auction

As noted in Tue’s analysis, the focus into Wed’s auction on response to Tue’s Key Structural Support, 50.53s, was key as buying interest emerged there, driving price aggressively higher during Globex to 51.50s into the London auction as the market formed a Gap Higher open implying asymmetric potential for higher prices. Buying interest entered post EIA data, 51.47s-51.55s, driving price higher in Buyside continuation through Key Structural Resistance, 51.80s, achieving the Stopping Point High, 51.93s, near the Daily 1st Std Dev High. Responsive sell programs entered, developing Balance, into mid-auction, closing at 51.60s, amidst the Nov-Dec contract roll.

Focus into Thu’s auction on response to the Buyside Breakout Area, 51.80s-51.50s.

WTI 10Oct

Monday’s Auction

As noted in Fri’s analysis, the focus into Mon’s auction on response to Fri’s Low, 49.40s, was key as Globex selling interest drove price modestly lower to 49.15s where buying interest emerged, driving price higher to Fri’s High. Initiative buy programs entered, 50.70s-50.80s, driving price higher in a Buyside Directional Breakout to 51.60s at the Daily 1st Std Dev High, closing at 51.35s.

Focus into Tue’s auction on response to the Buyside Breakout Area, 50.70s-50.80s, within context of a Buyside Directional Attempt.