As noted in Tue’s analysis, the focus into Wed’s auction on response to the Sellside Breakdown Area/Prior Key Structural Support Area, 48.40s-48.20s, was key as Globex buying interest emerged, driving price higher to 48.23s where self-similar selling interest emerged, confirming the Tue’s Sellside Breakdown. Price discovery lower developed through the EIA data release, achieving the Stopping Point Low, 47.30s, as Tue’s Low was challenged. Self-similar responsive buying interest emerged there, forming a Buying Tail as Balance developed into mid-auction, closing at 47.82s.
Focus into Thu’s auction on response to Key Structural Resistance, 48.20s.
WTI Daily 02May17The Focus Into Wed 03May Centered Upon Response To Tue's Sellside Breakdown/Prior Key Support.
WTI Daily 03May17Wed's Auction Saw Globex Self-Similar Selling Interest At Key Structural Resistance As Price Discovery Lower Developed Through The EIA Data To Key Structural Support In A Minor Probe Lower To 47.30s Where Buying Interest Emerged Forming A Buying Tail As Short Covering Developed Into The Close.