Below, our monthly profile view from 28Sep.
We see the beginning of the current
intermediate downtrend with the
monthly close lower.
Additionally, we can see
the areas of resting supply overhead:
95-98s & 91-93s.
Below, our monthly profile view from 26Oct.
We see that last week’s auction resulted in
a continuation of the downtrend,
resulting in a breakdown from the 91-93 cluster
with price discovery toward the 85s.
Below, our weekly profile view from 26Oct.
Following last week’s long liquidation/
price discovery to 85s, the market achieved a stopping point
and developed a balance area from 85s-88s.
Using these structural views along with
daily statistical projections informs
the market observer/participant
in making inferences not only about market direction
but also the potential amplitudes of such moves.
This improves trade efficiency & reduces risk.
For additional information & a 5 day free trial,
please visit our subscription page.