WTI Crude Daily 14Nov

Thursday’s Auction 

As noted in Thu’s analysis, focus on response to the undefined Support Area, 74s, within the Jun-Jul 2012 Demand Cluster was key in Fri’s auction as selling interest drove price lower toward 73.20s before buying interest emerged driving price aggressively higher toward 76.30s in short covering inventory adjustment ahead of the week’s end. Focus on response to Key Structural Breakdown Area, 75.90s-76.30s into Mon’s auction for confirmation or negation of this week’s Structural Breakdown.

Friday’s Auction 

WTI Crude Daily 13Nov

 Wednesday’s Auction 

WTI Gap Lower Opens

As noted in Wed’s analysis, focus on response to the POC at/near 77.30s within the 02-12Nov Composite Trade Cluster, 77.60s-77s, was key in Thu’s auction as selling interest drove price lower from there in a Structural Breakdown below Major Support, 75.80s. Focus into Fri’s auction on response to the undefined Support Area, 74s, within the Jun-Jul 2012 Demand Cluster.  

Thursday’s Auction