As noted in Tue’s analysis, focus into Wed’s auction on response to Tue’s Key Structural Support, 47.15s, was key as buying interest entered there, ultimately resulting in price discovery higher despite the “bearish” EIA data narrative toward the Avg Daily Range High. Focus on Buy Spike, 48.40s-49.45s, into Thu’s auction.
Noted during Wed’s auction
(Highlighted in yellow)
- Sellside momentum extreme reached early in NY auction at/near 47.35s.
- Responsive buy programs (RBP) enter at/near 47.45s-47.55s.
- Key Structural Support holds as a Structural Buying Tail, 47.40s-47.70s, develops, implying potential for price discovery higher.
- Buy programs at/near 48.05s. Ultimately, the market auctioned higher toward our Avg Daily Range High Expectation, 49.25s, to 49.46s.