WTI Crude: Daily TPO & Price. 15Apr




Overnight:

As of 730 CST,
the market has sold off below Fri Settlement, 91.29s, 
and last week’s Stopping Point, 90.25s. The market sold down to at/near 88s, encountering a Buying Tail there. 

Response to prior breakdown point, 90.25s will be of focus. Sellside defense of that area implies price discovery potential lower. Sellside failure at 90.25s implies false sellside breakdown.  

Market is poised to open Gap Lower. 
Gap Rules apply….



Weekend News 13Apr

As noted last week here, last week’s Stopping Point at/near 92s holding as support would result in price discovery potential to 93.50/94.50s. The market continued the recent buyside directional phase early this week toward the Weekly 2nd Std Dev High, 94.40s, achieving the Stopping Point midweek at/near the 94.80s.

The Stopping Point developed midweek in the form of a Selling Tail, 94.85s-94.60s, indicating the capping of the market by the longer term sellside at the prior key supply cluster. 

The market balanced, 93.50s-94.60s, before breaking out lower and beginning a new directional phase as long liquidation occurred. The market sold off toward the Weekly 2nd Std Dev Low, 91.03s, continuing lower into the Mar cluster, 90.40s-91.30s, achieving the Weekly Stopping Point at/near 90.25s, balancing 90.25s-91.80s into the week’s close. 

Next week’s response at 90.25s will be of focus. IF 90.25s hold as support, price discovery potential to 92.70s/93.40s. IF 90.25s fail as support, price discovery potential to 89.70s/87s. 

Graphics

Central Banks

  • S. Korea Central Bank Resists Calls For Rate Cuts. (FT Beyond BRICs)
  • Australian PM Gillard Says Room For Rate Cuts, Acknowledges Strong Aussie New Normal. (Bloomberg)

Geopolitics

  • China-Russia & Oil Agreements. (Platts)

Supply/Demand & Markets