WTI 25May

Thursday’s Auction

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 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 23May

Tuesday’s Auction

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 22May

Monday’s Auction

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.

Week In Review 21May