WTI 07Dec

Thursday’s Auction
  • Globex Buying Interest From Avg Weekly Range Low Expectation, London p shape cluster develops.
  • Buyside Continuation During NY To 56.78s Near Our Avg Daily Range High Expectation.
  • Focus Into Fri’s Auction On Response To Key Resistance Area, 56.80s-56.90s.

As noted in Wed’s analysis, the focus into Thu’s Auction On Response To Key Support, 55.90s, was key as a stop clearing probe of Key Support developed to 55.82s where responsive buy programs entered, near our Avg Weekly Range Low Expectation, driving price higher as a p shape structure developed into the London auction developing an Unsecured Globex High, 56.30s. Narrow, two-sided trade developed early NY at the Globex High, before initiative buying entered, 56.30s, driving price higher in Buyside continuation, achieving the Stopping Point High, 56.78s, near our Avg Daily Range High Expectation, closing at 56.69s.