WTI Crude Daily 30Mar

Friday’s Auction

As noted in Fri’s analysis, focus into Mon’s auction on response to Fri’s Sell Spike was key as selling interest emerged within the Spike, forming a Structural Selling Tail, 49.15s-48.90s, ultimately resulting in price discovery lower toward 47.60s. Focus on 47.50s-47s into Tue’s auction. 

Monday’s Micro-Blog Excerpt
Noted here during Mon’s auction
(Highlighted in yellow)
  • Failure of the Buyside breakout attempt above the Globex High at/near 48.70s, implied potential for sellside rotation through the Globex range. This probability path was also supported by the development of the Structural Selling Tail, 49.15s-48.90s. 
  • Sellside rotation developed through the Globex range, achieving a sellside momentum extreme into 48.10s with expectation for price extreme to follow the momentum extreme.
  •  Key downside reference levels including the Globex Low, 47.64s. Ultimately, price discovery developed toward the Globex Low where buying interest halted the downward auction into the NY close.
Monday’s Auction