As noted in Fri’s analysis, the focus into Mon’s auction on response to Fri’s Upper Cluster, 53.75s-54.10s, was key as selling interest drove price lower to 52.77s at the Daily 1st Std Dev Low Expectation, closing at 52.93s.
Focus into Tue’s auction on response to Mon’s Unsecured Low, 52.77s/Demand Cluster, 52.80s-53s.
As noted in Fri’s analysis, the focus into Mon’s auction on development of Balance, 53.40s-54.20s, was key as early Globex buying interest drove price higher from Fri Settle to 54.13s, within Key Supply, where Selling interest emerged, driving price lower into the NY auction, achieving the Stopping Point Low, 53.14s. Responsive buy programs entered, developing Balance, 53.15s-53.50s, before selling interest emerged late in NY auction, driving price lower to 52.91s, closing at 53.01s.
Focus into Tue’s auction on response to Mon’s Stopping Point Low within the context of a potential completion of a 3 Wave Corrective Phase from 54.35s.
WTI Daily 03Feb17
The Focus Into Mon 06Feb Centered Upon Response To The Edges Of The D-Shape Cluster, 54.22s-53.40s.
WTI Daily 06Feb17
Mon's Auction Saw Selling Interest Within Fri's Supply Cluster Near Key Structural Resistance Driving Price Lower To 52.91s, Our Avg Daily Range Low Expectation As An Unsecured Low Developed.
As noted in Mon’s analysis, the focus into Tue’s auction on response to Mon’s Upper Cluster, 45.80s-46.20s, was key as selling interest emerged there, driving price lower, achieving a Stopping Point, 44.60s, near the Avg Daily Range Low Expectation into the NY open. Balance development occurred there before selling interest emerged, at 44.55s, driving price lower in price discovery to 44.19s near the Daily 1st Std Dev Low Expectation. Responsive buy programs entered, balance developed, 44.20s-44.50s, into mid-auction before responsive buying interest emerged at 44.30s, driving price higher in short covering inventory adjustment to 45s, closing at 44.67s.
Focus into Wed’s auction on response to Tue’s Unsecured Low, 44.19s.
WTI Daily 26Sep16
The Focus Into Tue 27Sep Centered Upon Response To Mon's Unsecured High, 46.20s.
WTI Daily 27Sep16
Tue's Auction Saw Globex Balance Within Mon's Upper Cluster, 45.80s-46.20s, Where Selling Interest Emerged, Driving Price Lower To 44.19s Near Our Daily 1st Std Dev Low Expectation.
As noted in Tue’s analysis, the focus Wed’s auction on response to the Sellside Breakdown/Prior Support, 29s, for confirmation/negation of the Sellside directional attempt. Despite “bullish” EIA data, selling interest emerged near 29s, driving price lower in continued Sellside price discovery. Focus into Thu’s auction on response to Wed’s Stopping Point Low near Major Structural Support, 27.50s.
The Market Rallied Toward The 29s On "Bullish" EIA Data Only To Encounter Selling Pressure Emerge There, Confriming The Structural Breakdown And Price Discovery Lower. Once Again, Market Structure And Order Flow, Guide Way Rather Than Fundamentals.
As noted in Wed’s analysis, focus on response to 60.40-61s, was key in Thu’s auction as selling interest drove price lower, achieving a Stopping Point, 60.10s, during Pit session hours before selling off toward 58.80s. Focus on response to the unsecure low area, 58.80s-60s, into Fri’s auction.
Noted here during Thu’s auction was the shakedown of the weak Globex long inventory, the failure of the initiative sellside to defend low which resulted in the formation of a Buying Tail, 60.10s-60.45s. As noted, this formation implied the potential for price discovery higher and expectation levels provided, 68.10s/61.40s were both achieved before the Stopping Point High, 61.50s. Finally, noted was the implication of the failure of the Buying Tail for price discovery lower, which ultimately unfolded toward the Daily 1st Std Dev Low, 58.83s.