WTI Crude Daily 11Mar

Tuesday’s Auction

As noted in Tue’s analysis,  focus into Wed’s auction on response to 48.20s was key as selling interest entered, driving price lower, achieving a Stopping Point, 47.34s, before late session short covering inventory adjustment occurred. Focus on response to 48.50s-49s, the NY Selling Tail into Thu’s auction. 

Wednesday’s Micro-Blog Excerpt

Noted here during Wed’s auction (highlighted in yellow):
  • Selling interest of the NY open with the expectation for the challenge of the Globex Low, 48.24s. 
  • Initiative sell programs (ISP) at/near 48.45-48.40s. 
  • Development of a Structural Selling Tail, 48.90s-48.55s, implying potential for price discovery higher.
  • Initiative sell programs (ISP) at/near 48.40s-48.35s, confirming the Selling Tail and implying potential for price discovery lower.
  • Ultimately, the market traded just beyond the Key Downside Reference Level, 26Feb, to 47.34s, before the halting of the downward auction.

     Wednesday’s Auction

    WTI Crude Daily 02Mar

    Friday’s Auction
    As noted in Fri’s analysis, focus on response to undefined resistance at/near 50s, into Mon’s auction was key as selling interest entered into Fri’s close, driving price lower to 48.70s. Buying interest entered, driving price higher, achieving a Stopping Point High, 51.04s. Responsive sell programs entered, developing a Structural Selling Tail, 51.04s-50.70s, resulting in price discovery lower into the close. Focus into Tue’s auction on response to the Breakout Area/ Prior Resistance, 49.50s-49s. 

     

    Monday’s Micro-Blog Excerpt
    via The Daily

    Noted here (highlighted in yellow) during Mon’s NY auction was the appearance of initiative buy programs (IBP) at/near 49.15s-49.20s as clearing of stops above the Globex High, 49.30s, developed. The expectation was for price discovery higher with upside targets at Fri’s Selling Tail, 49.60s-49.90s and Thu’s High, 51.20s, respectively. Ultimately, IBP entered at/near 50.40s, driving price higher achieving a buyside momentum extreme in the order flow at/near 50.90s before making the Structural Selling Tail, 51.05s-50.70s, capping the auction.

    Monday’s Auction