The market has balanced, 105.45s-104.70s, around Thu Settlement, following yesterday’s short covering rally/inventory adjustment into the Thu close.
Focus into the Pit session on the response to the current trade cluster high, 105.35s. Sellside failure there would result in trade higher into overhead low usage area, 105.50s-107s. Should sellside defend the high, rotational trade through the current trade cluster, 105.35s-103.50s, would be the expectation.
The market began this week with Balance, 106.60s-107.70s, around last week’s Settlement, 107.30s, before sell programs entered, driving price lower into midweek, achieving the Wkly Stopping Point Low, 103.50s, at/near the multi-week Structural Support.
The market balanced, 103.50s-104s, as buy programs entered, driving price higher into week’s end, achieving the Stopping Point, 106.95s, closing at/near 106.40s.