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.