WTI Crude Daily 09Mar

Friday’s Auction

Mon’s auction saw no retest of Fri’s Low as Fri’s Structural Buying Tail held as support, resulting in price discovery higher toward 50.80s in a double distribution trend structure. Focus on response to Key Structural Support,  50.20s-50s, into Tue’s auction.  

Monday’s Micro-Blog Excerpt

 Noted here during Monday’s auction (highlighted in yellow):

  • Responsive Buy Programs (RBP)e enter at/near 49.45s as Offers were pulled shifting the risk to the Sellside at/near the Low as expectation shifted to price discovery higher.
  • Upside Reference Levels including 50.50s (Fri’s High) and 50.95s (Fri’s Upper HVN). 
  • Buyside momentum extreme was achieved at/near 50.10s as expectation for a higher price high continued. 
  • Ultimately the market achieved a price high, 50.80s, at/near Fri’s Upper HVN.
Monday’s Auction