Category: Daily Statistical Levels Study
WTI Crude: Tomorrow’s Levels, Today. 08Feb
Our daily statistical study plotting both key reference levels & price action for 08Feb as well as our projected statistical support/resistance levels for 11Feb.
The included inferential analysis notes the Sell Spike structure, 96.40s-95.30s, and its implications for the Mon 11Feb auction.
Result?…
The market balanced within the Fri Sell Spike range before probing its low, encountering no longer term sell response. This implied revisiting the Sell Spike High, (96.40s), with potential for inventory adjustment higher. This is what occurred.
The rally continued up to the Avg Daily Range High, (96.86s), before achieving a stopping point and closing at/near the high of the day.
Knowledge of the structural significance of Friday’s Sell Spike coupled with daily statistical levels informed the participant about both the proper strategy (long positions in this case), AND the proper expectations of potential (the Spike High & Statistical Levels above), based market generated data, not opinion.