WTI 07Jun

Wednesday’s Auction

As noted in Tue’s analysis, the focus into Wed’s auction on response to Tue’s Unsecured High, 48.23s, was key as a false Globex Buyside Breakout to 48.40s elicited Selling interest that drove price back into prior Balance. Two-sided trade developed in NY ahead of the EIA data release where initiative selling interest emerged, driving price aggressively lower toward Key Structural Support to 45.65s closing at 45.72s.

Focus into Thu’s auction on response to Key Sellside Breakdown Area, 47.70s-48.20s.

WTI 05Jun

Monday’s Auction

As noted in Fri’s analysis, the focus into Mon’s auction on response to Sellside Breakdown Area, 48s-48.20s, was key as a failed Globex Buyside Breakout above last week’s Sellside Breakdown Area resulted in long liquidation toward 46.86s near Key Structural Support, 46.74s. Responsive buying interest emerged there, halting the Sellside Imbalance, developing Balance, 46.86s-47.51s, closing at 47.40s.

Focus into Tue’s auction on response to Sellside Breakdown Area, 48s-48.20s.

WTI 02Jun

Friday’s Auction

As noted in Thu’s analysis, the focus into Fri’s auction on response to 48.19s, was key as selling interest drove price through this Key Structural Support in a Sellside Breakdown. Price discovery developed to 46.74s, near our Daily 1st Std Dev Low Expectation (and near our Avg Wkly Range Low Expectation) where buying interest emerged and short covering inventory adjustment developed to 47.56s, ahead of the NY open, before Gap Lower development, 47.05s. Selling interest resumed early in NY, driving price lower to 46.74s near 1st Std Dev Low where buying interest emerged as short covering inventory adjustment developed to 48.19s, where self-similar responsive selling emerged, closing at 47.66s.

Focus into Mon’s auction on response to Sellside Breakdown Area, 48s-48.20s.

WTI 24May

Wednesday’s Auction

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.

WTI 12Apr

Wednesday’s Auction

As noted in Tue’s analysis, the focus into Wed’s auction on response to 53.43s, was key as minor range extension higher developed during Globex to 53.76s where selling interest emerged, driving price lower in a false Buyside Breakout, achieving an Unsecured Stopping Point Low, 52.98s, closing at 53.11s.

Focus into Thu’s auction on response to Wed’s Unsecured Low, 52.98s.